Laserfiche WebLink
<br />Section 16. Acquisition by City. The grantee, by the acceptance of this ordinance I <br /> <br />expressly recognizes the powers of the city I at the expiration of this franchise, or upon <br /> <br />forfeiture as prescribed in Section 19 of this ordinance I to acquire the plant and property, <br /> <br />as located upon the streets of the city, or the grantee operated under this franchise under <br /> <br />.:he provisions of Section 15.1-307 (1964 Volume) of the:::::ode of Virginia of 1950, as <br /> <br />amended, and Chapter I, Section 2, paragraph 12 of the :;harter of the city. In the event <br /> <br />of the exercise by the city of this privilege the city shall pay to the grantee or its successors <br /> <br />or its assigns under law the value of the physical properties of the grantee. The value shall <br /> <br />recognize depreciation and shall be determined by an appraisal committee consisting of <br /> <br />three persons to be appointed by the Judge of Court of record of the city. The grantee, <br /> <br />or its successors or assigns, and the city shall each recommend one appointee to the <br /> <br />court, however, the court shall not be bound by such recommendations. No payment shall <br /> <br />be made by the city to the grantee by reason of the value of the franchise itself. <br /> <br />It shall be understood that a condition of each contract entered into by the <br /> <br />Jrantee with reference to operations under this franchise shall be that each contract shall <br /> <br />be subject to the exercise of this authority by the city and that the city may be substituted <br /> <br />for the grantee as a party to any such contract and may succeed, at its direction, to all <br /> <br />the privileges and the obligations thereof at its option. <br /> <br />Upon the termination of this franchise and the rights granted hereunder, whether <br /> <br />oy expiration or forfeiture I the city council may direct and require the grantee to remove <br /> <br />its wires, cables, fixtures and accessories and appurtenances from the streets. To this <br /> <br />accomplishment, if directed I the dty shall retain the surety bond as prescribed in this <br /> <br />franchise. <br /> <br />Section 17. Approval of Transfer. No sale or no as signment of lease of a franchise <br /> <br />or of privileges granted under this ordinance shall be effective until it is approved by the <br /> <br />council of the city. As a condition to consideration by the council of a sale or assignment, <br /> <br />the grantee shall file with the city manager written notice of the proposed sale or assign- <br /> <br />ment and the vendee shall similarly file an instrument, duly executed, reciting the fact of <br /> <br />such proposed sale or assignment, accepting the terms of this franchise, and agreeing to <br /> <br />perform all of the conditions thereof. <br /> <br />- 13 - <br />