Minutes 07/27/1954 - Laserfiche WebLink

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264 TUES DAY JULY 27, 1954 Section 9. 1'0 il13ure a proper a.nd adequate s~lstem of accounting, the said bus ses shall be equipped wi th Jileters, and thw ovmer of the franchise shall install a standard systere. of bookkee~)ing, and furnish the City with an annual financial statement prepared by a Certified Public Accountant. It shall make quarterly settlements ",iTith the City throut",;h such officers as the Council s11all desiznate, who may inspect and audit the Grantee's books at the City's expense. Section 10. The compensation to be paid to t118 said City for the privileges herein granted and the 1J.se of its streets and other facilities by the holder of this franchise shall be percent of the gros" receipts derived from the carriage of passenGers. ITo other privilece or liconse tax, except the City vehicle tag and the regular ad valorem property ta,,:, shall be ]evied by the City against Grantee. Ho person, firm or corpora.'.:,ion operating under this ordinance shall acquire any vested riGht or interest in the streets or highways of the City of Martinsville. Grantee shall have the opt.ion of continuinc under this franchise for an add:i.tional fifteen (15) years provided the parties agree on the City's compensation for sai d period si.xty (60) days before the expiration of the first fifteen year period. Section 11. Upon the gran"GlD.g of this fra.ncil:lse and before. proceeding to operate thereunder~ the said Grantee shall enter :~nto 2. bond, vvith surety to be approved by the City Attorney, in the penalty of not less than ~?2,000.00 conditioned that the operator uncler said franchise Yrill conform and comply vii th the conditions of this ordinance 2nd of the franchise granted thereunder, and will indemIufy and save harmless the said City of Eartinsville from any and all claims and demands on account of injuries or dmnaGes occasioned by the negligence of the operator under said franchise, its agents or employees, under any and all operations uncler and prusue.nt to the terms of this franchise. Upon compliance va th the terms of this section, a certificate allowing the said Grnatee to begin operations under the terms of this ordinance and the franchise granted hereunder shall be issued and signed by the i.layor and by the Cled~ of City Council. Section 12. Grantee shall carry at all times during the term of this franchise an insurance policy to be approved by the City Attorney coverine property damage of not less than ~plO,OOO.OO and public liability insuT2.Ylce for personal injuries of not less that $25,000.00 for one person, and :~50,00o.00 for one or more persons for one accident, on eael! bus operated under this franchise. Section 13. The Eartinsville City Council, upon thirty days notice, may require the Grentee to shovf ca'lse why his franchise ShOl11d not be revoked for failing fror:J an overall and cOTImlUni ty-wide standpoint to adequa.tely meet the requirerrents of publj.c convenience and necessity, com::nensurate vrith earning a fair return on the investment of the business. In the event the Grantee fails to the satisfaction of the Martinsville City Council to show cause why his franchise should not be revoked, the Council may institute such appropriate action as it may deem necessc,ry, in the Circuit Court of the Cit:r of Martinsville, Virginia, for the revoking of said franchise, in p~rt or in its entirety, provided the Council shall act affirmatively on such a propmal at two meeting.s with an interval of at least two weeks separating such meetings. Failure to meet the requirements of public convenience and necessity from an overall and COlTL'l1Uluty-vride standpoint, commensurate with earning a fair return on the investment of the business, shall inslude among other th:ings: