Ordinance 2039 - Laserfiche WebLink

S Section 9: The grantee herein, its successors and assigns holding this franchise is prohibited from issuing any capital stock on accountof the franchise or the value thereof. The grantee, its successors and assigns shall have no right to receive upon purchase or condemnation proceeding brought by the city to acquire the public utility using such franchise, any return on account of the franchise WY its value. Section 10: No sale or lease of this franchise shall be effective until the assignee or lessee shall have filed w in the office of the city clerk an instrument, duly executed, reciting the fact of the sale or lease, accepting the terms of the franchise affected and agreeing to perform all 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 council may require, which bond shall run to the city as obligee, with sureties satisfactory to the council, and shall obligate the grantee, or lessee, to discharge all obligations and liabilities imposed upon the grantee by the franchise. Section 11: In order to claim the rightg and benefits of this ordinance the Coast Ice and Cold Storage Company shall within thirty (30) days of the passage hereof, file in the office of the City Clerk, its acceptance in writing, of the franchise granted by this ordinance, subject to all the conditions and provisions thereof. 4aycr. Passed : August 29th , 19 .'2Z. Attest : City Clerk . Pu rl i she:l:Aucust 31 st , 19C .