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<br />
<br />TUESDAY
<br />
<br />MARCH 13, 1973
<br />
<br />New Lee Inc., which corporation ehanged its name to Lee Telephone Company)
<br />relating to the operation of a telephone system in the City of Martinsville
<br />for the period of thirty (30) years following the 21st day of July, 1961;
<br />and
<br />
<br />Whereas, Lee Telephone Company will be merged into Virginia Telephone
<br />& Telegraph Company and its assets including franchises will thus become
<br />assets of the survivor company, Virginia Telephone & Telegraph Company, a
<br />Virginia corporation; and
<br />
<br />Whereas, the franchise ordinance contains certain provisions requ1r1ng
<br />approval of the Council of the City of Martinsville of any sale or assign-
<br />ment of said franchise; and
<br />
<br />Whereas, Lee Telephone Company has filed written notice with the City
<br />Manager of the proposed merger; and
<br />
<br />Whereas, Virginia Telephone & Telegraph Company has filed written
<br />notice with the City Manager of the proposed merger and acceptance of the
<br />terms of the franchise granted to Lee Telephone Company effective as of
<br />July 21, 1961, and agreed to execute a bond in the penalty sum of Five
<br />Thousand ($5,000) Dollars, with surety to be approved by the Council in
<br />favor of the City of Martinsville, Virginia, conditioned upon the performance
<br />of its obligations under the franchise; and
<br />
<br />Whereas, the consent and approval of the Council of the City of
<br />Martinsville of the vesting of said franchise rights in Virginia Telephone
<br />& Telegraph Company, by said proposed merger has been requested by Lee
<br />Telephone Company and Virginia Telephone & Telegraph Company.
<br />
<br />Now, Therefore, Be It Resolved and Ordained by the Mayor and Council of
<br />the City of Martinsville, Virginia that Virginia Telephone & Telegraph
<br />Company shall, effective upon the merger of Lee Telephone Company into
<br />Virginia Telephone & Telegraph Company succeed to and be vested with all the
<br />rights and privileges, and it shall be subject to the duties and obligations,
<br />as granted to and required of Lee Telephone Company in the franchise
<br />originally granted to Lee Telephone Company and transferred to New Lee Inc.,
<br />which corporation changed its name to Lee Telephone Company, to operate a
<br />telephone system in the City of Martinsville for a period of thirty (30)
<br />years beginning July 21, 1961; that Virginia Telephone & Telegraph Company,
<br />before proceeding to act under this ordinance, shall execute a bond in the
<br />penalty sum of Five Thousand ($5,000) Dollars with surety to be approved by
<br />the Council, in favor of the City of Martinsville, Virginia, and conditioned
<br />upon the grantee's performance of its obligations under the franchise; and
<br />
<br />That this ordinance shall be in full force and effect ten (10) days after
<br />its final passage.
<br />
<br />Passed and approved on the 13th day of March, 1973.
<br />
<br />APPROVED:
<br />
<br />ATTEST:
<br />
<br />Mayor
<br />
<br />Clerk
<br />
<br />(CORPORATE SEAL)
<br />
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