Minutes 07/11/1961 - Laserfiche WebLink

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~44 TUESDAY ~ll, 1961 AN AGREEMENT THIS A GREEjI,ffiNT, made th is 12th day of July, 1961, by and between the IEE TEIEPHONE C01rWANY, hereinafter called the "COMPANY", and the CITY OF MARTIN3VILLE, VIRGINIA, a municipal corporation, hereinafter called the "CITY". WITNESSETE: That in consideration of the enactrr.ent by the CITY of an ordinance on the llth day of July, 1961, granting to the COMPA:t\'Y, its successors and assigns, upon the terms and conditions therein set forth, the franchise, right and privilege to operate, construct and maintain for the term specified in Section 2 of said franchise a telephore system wi th the necessary poles, wires, conduits and fixtures in, under, over and aloIlS the streets, alleys, highways and other public places of the C1 TY, as the corporate limits of said CITY now exist, or may hereafter be extended or altered, the COMPANY hereby agrees to furnish to the CITY free of cost twenty (20) business main telephone stations plus one (1) addition free of cost business main telephore station for each 1,000 increase in main stations in s ervic e over such total munber of main stations in service as of July 1, 1961 within the corporate limits of said CITY, or, in lieu of such free service the COMPANY will pay to the CITY on a monthly basis corrnnencing on July 1st of each year in cash the equivalent rental value of such telephones. In the event the terms and conditions of this agreement are met by the rendering of free service, such free service shaLL be for municipal business from said telephones to any and all of the COlvIPANY'3 subscribers stations located within the If:artinsville local exchange area. The number of business main t.Alephones, to be designated as free telephones in excess of twenty (20) specified above, shall be s llbject to redetermination on July 1 of each effective year of the franchise and each redetermination shall be applicable to the twelve (12) months immediately following the said date of redetermination. For the purpose of this AGRES;;lENl' it is established that the number of main stations which the COTvPANY had in service on July 1, 1961 was :5 ,b43. If the COMPANY should choose for any or all of the years of said franchise to meet the terms and conditions of this AGREEMENr by a cash payment to the CITY, the said cash payment shall be determined, on a monthly basis, by applying to the said number of business main telephones, designated as free telephones, the prevailing monthly rental rate of one (1) party business service in the Martinsville exchange. In the event the COMPANY shall choose to use the cash payrrent option, the CITY shall be notified in writing, prior to July 1 of each year of the franchise, of the COMPANY'S choice and the COMPANY shall make payment to the CITY monthly ccmmencing July 1st and on a mon~1ly basis thereafter for ~1e ensuing eleven months of an amount based on the telephones in service and rental rate as of July 1 of the particular year. THIS AGREEMENT shall be effective as of the c oITimencement of the first billing period of the CO!''';PA?IT followinG the date of this AGREELIEN1' shall contime in force so long as the COMPANY, its successors and assigns enjoys the rif!hts and privileges granted in the aforesaid ordinance.