Minutes 05/26/1959 - Laserfiche WebLink

Home Browse Search

that the grantee would have prepared by certified public accountants in the course of the conduct of the business of the grantee. - Section 10. Acquisition by City. The city shall have, and the grantee by the acceptance of this ordinance expressly grants to the city, the right, at the expiration of this franchise, to acquire the property, equipment, books and records of the grantee used and useful in the production, sale and distribution of gas to the city and its inhabitants. Upon the ex-ercis e of this option by the city council of the city by the service of an official notice upon the grantee to that effect, and upon payment to the ---- grantee of the amount of the fair market value of the properties of the company as determined in the manner provided by law for acquiring property under the right of eminent domain, the grantee shall immediately execute such deeds or instruments of conveyance to the city as shall be required to convey to the city title to the property in fee simple, free from any and all liens and encumbrances. The grantee shall there- upon deliver to the city full and complete possession of the property, together with all maps, plans, contracts and engineering, accounting, finance, statistical, customer and service records relating exclusively to the property and the operations of the grantee within the city. No payment shall be made, at the exercise of the option, by reason of the value of the franchise itself. ,- - It shall be understood that a condition of each contract entered into by the grantee with reference to operations under this franchis e that each contract shall be subject to the exercise of this option by the city and that the city may be substituted for the grantee as a party to any such contract and may succeed, at its discretion, to a.ll the privileges and the obligations thereof at its option. - 11 -