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<br />settlements vdth the City through sueh officer as the Council shall designate, who <br /> <br />may inspect and audit tho Grantee's books at the City's expense. <br /> <br />Section 11. The compensation to be paid to the said City for the privileges <br /> <br />herein granted and t.he 1..1.Se of its streets and other facilities by the holder of <br /> <br />this frD!lehise shall be two per cent (2%) of tho gross receipts derived from the <br /> <br />carriage of passongors. No other privilege or license tax, except tho City vehicle <br /> <br />tag and the rcgv.lnr ad valorem proporty tex, shall be levied by the City against <br /> <br />Grantee. The City vehicle license tAg rriec shall be deducted from the two per <br /> <br />cent (2%) hereinabove mentioned. No person, firm or corporation operating under <br /> <br />this ordinance sh~ll acquire any vested right or interest in the streets or high- <br /> <br />ways of tho 01 ty of HD.rtinsville. Grantee shall have the option of eontinuing undor <br />this franchise for an additional fifteen (15) years provided the parties agree on <br />the City's compensation for said poriod sixty (60) days before the expiration of <br /> <br />t- <br />III <br />0 <br />10 <br />'" <br />... <br />:2 <br />0:: <br />0 <br />'" <br />":i <br />~ <br />~ <br />" <br />> <br />~ <br />~ <br />,:: <br />~ <br />0 <br />.d <br />." <br />;; ~ <br />" ~~ <br />0 <br />." i <br />" <br />i:ii <br />;.; <br />i <br />i <br />l <br />0 <br />~ <br />u <br />0 <br />0 <br />0 <br />,.,-; <br />c.i <br />" <br />.d <br />~ <br /> <br />the first fifteen..yoar period. <br /> <br />Section 12. All busses operatoC: under this Ordinanco shall be operated with <br /> <br />due regard to the public sr'cfoty and eonvenience, and shall be required to obey all <br /> <br />laws, lawful traffic signs and signals. <br /> <br />Section 13. Upon tho grnnting of this franchise and before proceeding to <br /> <br />operate thereunder tile soid Grantee shall enter into a bond, with surety to be <br /> <br />approved by the City Lttorney, in the penalty of not loss than ~2,OOO.OO, condition~ <br /> <br />that the operator under said franchise will conform and comply with the conditions <br /> <br />of this ordinancCt and of tho franchise grontG>d thereunder, and 'Will indemnify and <br /> <br />save harmless the said City of Martinsvillc from any and all claimS and demands on <br /> <br />account of injuries or damages occasioned by tho negligence of tho operator undor <br /> <br />said franchise, its agonts or employees, undor any and all operations under and <br /> <br />pursunnt to the torms of this frtIDchisc. Upon compliance with th€:l terms of this <br /> <br />section, a certificate alloWlllg tho said Grantee to bogin operations under the terms <br />