Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1903-05-20
new CITY
" ORDINANCES
NO. 233.

New Mexico.
Be 1t ordained by the City Council OF
the City of Albuquerque, New Mexi.
CO:
Section |. That there is hereby Civ.
en-. granted and conveyed INTO Oliver
e. Cromwell, his heirs, successors or
assigns, the right and privilege to
build. construct, maintain. own, equip,
operate and conduct a street railway
system by motor power of electricity,
or any Improvement thereon. in and
upon the streets and th%oroughfares
leo. that are now. or may be, at any
time during the existence of this fran
chise. within the corporate limits of
said city, for a period of fifty years
after the date of the passage hereof.
provided, that said city shall have the
right to terminate said franchise at
the end of twenty-five years at its OPP
ton by the purchase of the tracks.
cars, electrical machinery, plants.
wires, poles and all other material.
property and paraphernalia naturally
and properly belonging to said system
as then constructed, owned and operat-
ed in pursuance of said franchise at a
fair and reasonable valuation thereof.
exclusive of the value of said fran
chise.
The option of the city to terminate
said franchise and purchase, as above
provided. may be exercised at any
time within two years preceding the
expiration of the twenty-five years
from the passage hereof as aforesaid,
and should said city so exercise said
option, the said city and the said own
ers shall agree upon and determine
the value of said property, exclusive
of said franchise; or in case the said
city and the said owners are unable
TIC agree as to the reasonable value
Of said property then. and in that case,
the value of said property shall be
determined by arbitration and for that
purpose the said Council. or governing
body of said city, shall choose one ar
bitrator and the owner or owners of
said franchise shall choose another ar
bitrator, and these two shall choose a
third; or in the event of the failure of
the two arbitrators so chosen to agree
upon a third. such third person shall
be appointed by the presiding Judge of
the court of general jurisdiction within
and for the county in which said city
may be situated at such time, FIVE
days notice having been given OF the
time and place of such application to
the opposing party, and the arbitrators
thus chosen shall constitute a court
of arbitration and shall forthwith pro
coed to inspect such property and
hear evidence and shall fix and determ-
inc the value Of said property exclu-
sive of said franchise, and the decision
of a majority of said arbitrators upon
the question of the value of said prop
erty shall be binding upon said city
and upon the said owner or owners Of
said franchise. Said arbitrators shall
reduce their award to writing and
sign the same; and the said city shall
have one year thereafter in which to
pay the amount so awarded, not TAX
ing into consideration any portion Of
said time which said city may be
necessarily delayed on account of op-
position or litigation of the owner or
owners of such franchise; and upon
the payment of the sum so awarded,
said franchise shall be terminated and
the said city shall become the owner
and entitled to the possession of all
said property.
In case said city shall not exercise
its option to terminate said franchise
as aforesaid. then said city for the re-
naming twenty-f 2 years of said fran
chise shall be entitled to receive one
quarter Of the net profits over and
above eight per cent on the capital in
vested after paying fixed charges; and
in case the said city and the owner or
owners of said franchise, shall, at any
time, be unable to agree upon the
amount of the net profits as aforesaid,
such question shall be submitted to a
court of arbitration to be chosen and
to act in the manner above provided.
Section ii. This grant is made upon
the following conditions;
l. 1t shall not include any viaduct
owned or maintained by the city.
2. The rights herein granted shall
extend TO only such streets and thor
o%ughfares as shall be designated by
the owner or owners OF said franchise.
from time to time and approved by the
City Council of said city.
3.The owner or owners of said fran
chise must build and operate not less
than five miles Of road within said
city. and shall commence in good faith
the construction thereof within not
less than six months, and complete and