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sixty (60) day period, City shall appoint an arbitrator to represent City, and shall forthwith notify Company pursuant to Section 24 hereof of such appointment, specifying the name of the arbitrator and the two arbitrators will appoint a third arbitrator. The three arbitrators shall determine the dispute in the time and manner in this paragraph hereinafter set forth. (e) Upon receipt of Company's annual financial reports, City may determine that the operating costs shall have decreased below the 93 percent of service revenue allocated therefor~ based on the aforesaid factor. In this event, City shall transmit to Company a proposed new rate schedule. If Company so desires it may within sixty (60) days after receipt of such notice, agree to the proposed decrease. If it so agrees Company shall forthwith notify City in writing, and a new rate schedule shall become effective for the calendar month next succeeding receipt by City of the notice. If Company does not so agree within sixty (60) days after receipt of such notice, substantially the same procedure shall be taken for arbitration as prescribed in this paragraph in the case of a proposed increase in rates. In the event that any of the matters specified in this paragraph go to arbitration, the arbitratc.rs shall determine whether or not the facts warrant a change in the rate schedule, and, if they so determine, the arbitrators shall specify the new schedule. The laws of the State of California regarding arbitration, insofar as applicable, shall govern any arbitration under this paragraph. The arbitrators may examine evidence and witnesses and shall have access to all books, records and accounts of Company. The decision of at least two of the three arbitrators as to the increase or decrease in rates as to any new rate schedule, shall be final and binding on City and Company. The decision -9-