The 1905 Agreement between the Company and the landowners within its corporate boundary is the foundation on which Modern Electric Water Company operates. The Agreement details the rights and privileges afforded to each landowner in regards to water and electric service as well as the obligations of each party in the Agreement.
It details the provisions of water and electric services, and guarantees payment of all incurred debts through property lien rights. This ensures strong Company fiscal health and longevity so that all customers benefit from its conservative, cost-based operating model.
Initially, stock in the Company was granted on a per-acre basis, with one share of stock issued for each acre of land ownership. Today, landowners can vote their stock proportionally to the amount of land they own. Company stock and all of the provisions of this Agreement transfer to new owners and run in perpetuity with the land.
The Agreement was recorded in the Office of the Auditor of Spokane County, November 6th, 1905, in Book E, Page 267 of Contracts.