Minutes 09/28/1954 - Laserfiche WebLink

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Section 10. The compensation to be paid to the said City tor the privileges herein granted and the use of its streets and other facilities by the holder of this franchise shall be two per cent (2%) of the gross receipts derived from the carriage of passengers. The Grantee shall pay for vehicle license tags as required by the City but may deduct the amount paid for same in computing its liability to the City under said two per cent (2%) of gross receipts derived fram the carriage of passengers. No other privilege or license tflX except the regular ad valorem. property tax shall be levied by the City against Grantee. .'-- .. person, firm, or corporation operating under this ordinance shall acquire any vested ;hts or interest in the streets and highways of the City of Martinsville. Grantee shall ve the option of continuing under this franchise for an additional fifteen (15) years, }I.L"ovided, the parties agree on the Cityls co.nsation for said period sixty (60) days before the expiration of the first fifteen-year period. '" '" o '" t'l .. Section 11. Upon the granting of this franchise and before proceeding to operate thereunder, the said Grantee shall enter into a bond, with surety to be approved by the City Attorney, in the penalty of not less than two thousand dollars (:)2,000.00) conditioned that the operator under said franchise will conform and comply with the conditions of this ordinance and of the franchise granted thereunder, and will indemnify and save harmless the said City of Martinsville from any and all claims and demands on account ot injuries ~ damages occasioned by the negligence of the opera tor under said franchise , its agents employees, under any and all operations under and pursuant to the terms of this .aIlchise. Upon compliance with the terms of this section, a certificate allowing the said Grantee to begin operations under the terms of this ordinance and the franchise granted hereunder shall be issued and signed by the Mayor and by the Clerk of City Council. Section 12. Grantee shall carry at all times during the tem of this franchise an insurance policy to be approved by the City Attorney covering property damage of not less than $10,000.00 and public liability insurance for personal injuries of not less than $25,000.00 for one person, and $50,000.00 for one or more persons for one accident, on each bus operated under this franchise. " 0:: o ;.; "'i ~ .. Po. " ~ .. Q .E " "0 -" g m- Section 13. The Martinsville City Council, upon thirty days I notice, may require -'j ~ he Grantee to show cause why his franchise should not be revoked for failing from an ~ i verall and community-wide standpoint to adequately meet the requirements of public ~ onvenience and necessity, commensurate with earning a fair return on the investment of i the business. In the event the Grantee fails to the satisf'action of the H.artinsville City C01Jllcil to show cause why his franchise should not be revoked, the CounoillDRY institute such appropriate action as it may deem necessary, in the Circuit Court of the City of Martinsville, Virginia, for the revoking of said franchise, in part or in its entirety, provided the Council shall act affirmatively on such a proposal at two meetings with an interval of at least two weeks separating such meetings. o o .t '" 5 :.J Q o o ~ Failure to meet the requirements of public convenience and necessity trom an overall ...a:tl.d community-wide standpoint, commensurate with earning a fair return on the investment the business, shall include among other things: u " ~ a. lo1aintaining schedules of fares of such a nature as to cause the Company to earn more than the generally accepted fair rate of return on the investment for any fiscal year. Standards rec- ognized b.r the Virginia State Corporation Commission and/or other similar public utility regulating bodies may be used in establishing a fair rate of return on the investment. b. Establishing schedules of fares that are unjustly discriminatory with resp9ct to any section of the City or class of riders. .- c. Failing to adequately meet the reasonable demands of the residents of any street or section of the City for bus service even t:iOugh such service may be unprofitable, provided such service will not unduly restrict service on other routes or will not cause the Grantee to realize less than a fair return from Granteels overall City-wide operations.