Beloit Water Co. v. City of Beloit

The opinion of the court was delivered by

Benson, J.:

In July, 1888, the city of Beloit sold its waterworks to Elmer E. Stevens for $27,000, and by ordinance granted to him, his associates and successors the right to maintain and operate them, and agreed to pay $3250 per year hydrant rental in two equal payments to be made on January 20 and July 20 of each year at the fiscal agency of the state in New York. It was also provided that this agreement to pay hydrant rental should be endorsed on the bonds that might be issued by Stevens and his associates. The city reserved the right of repurchase…