Ordinance 3319 - Laserfiche WebLink

• Section 9. The Grantee shall sub .it to the City Council of Grantor within sixty (60) days after the 1st day of January of each year of this franchise , an annual report, verified by the President, Treasurer, or General Tanager of Grantee. Such report shall contain such detailed information and cover such period as may be prescribed by said City Council by ordinance. Said City Council of Grantor shall have the power, either through its members or by experts or employees duly authorized by it, to examine the books and affairs of the Grantee and to compel the production of all books and papers, pertaining to such report or other matters. Section 10. The Grantee agrees not to issue any capi- tal stock on account of the franchise granted herein or for the value thereof. Further, the Grantee shall have no right to receive upon a condemnation proceeding brought by the Grantor or its successors to acquire the public utility ( Grantee) us- ing such franchise, any return on account of the franchise or its value. Section 11. The Grantee shall have the right to sell or lease this franchise, but only upon the followingconditions: No sale or lease of this franchise shall be effective until the assignee or lessee shall have filed in the office of the Clerk of Grantor an instrument, duly executed, reciting the facts of the sale or lease, accepting the terms of the fran- chise affected, and agreeing to perform all of the conditions required of the Grantee thereunder. The assignee or lessee shall also file a bond in such amount and with such conditions as the City Council may require, which bond shall run to the Grantor as obligee, with surety satisfactory to the City Council, and shall obligate the Grantee or lessee, to discharge all obligations or liabilities imposed upon the Grantee by the franchise granted herein. -6-