Minutes 09/26/1989 - Laserfiche WebLink

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TUESDAY, SEPTEMBER 26, 1989 SECTION 9. REPORTS. The grantee shall each year file with the City Manager a true copy of the annual audit of the records of the grantee as .the records pertain to the operations or conduct of business by the grantee under this franchise. The audit ~ay be the same as the grantee shall have prepared by certified public accountants'for such year in the ordinary course of the conduct of the business of the grantee. '--. ~ SECTION 10. ACQUISITION BY CITY. (a) 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, Sa.le and distribution of gas to the city and its inhabitants. Upon the exercise 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 am0u~ of the fair market value of the properties of the grantee 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 thereupon deliver to the city full and complete possessionOf the property, together with all maps, plans, contracts and engineering, accounting, finance, statistical, consumer and service records relating exclusively to the property and the operations of the grantee within the city. (b) No payment shall be made, at the exercise of this option, by reason of the value of the franchise itself. (c) It shall be understood that each contract entered into by the grantee with reference to operations under this franchise, and which may extend until the expiration of this franchise, shall be subject to the exercise of this option by the city and the city may be substituted for the grantee as a party to any such contract and may~succeed, at its option, to all the privileges and the obligations thereof. (d) In the event that the grantee, during the term of this franchise receives a bona fide offer to purchase all of its common stock or all or substantially all, of its assets and in the event that the grantee desires to accept such offer, the grantee hereby grants to the city a right of first refusal on the terms contained in such offer for a period of ninety (90) days from the date of receipt by the city of notification from the grantee that it has received such an offer and desires to accept the offer.