Los Angeles herald., 1905-07-28
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franchise or used by said grantee or
ms ms OF its successors in interest In tho
/ exercise OF said franchise, at q fair
valuation, provided that the option to
make such purchase shall be declared
/ by resolution Of the City Council passed
not more than six months prior 10 the
expiration Of said period of twenty-one
The valuation OF the propertv covered
/ by the aforesaid option or right to pur-
| chase shall be determin ed by a board Of
three arbitrators, of whom one shall be
appointed by the city one by the said
! grantee or his or its successors In in
terest and the third by the two arbi-
traitors so appointed Said arbitrators
| shall be appointed within thirty days
after the declaration by the city Of its
joption to purchase said property. In
case said arbtrators fail to make and
file an award within the time herein-
after limited, a new board OF three ar
bitrators shall be appointed I'm the same
manner as hereinbefore prescribed, to
determine the valuation Of said prop
erty. The board Of arbitrators shall
immediately upon the appointment of
of its duties. Any vacancy in the board
of arbitrators shall be filled by the
party who made the original appoint
ment to the vacant place. The award
OF the arbitrators must be made and
filed with the City Clerk of said city
within three months after their ap-
poin tment, and majority of the arbi-
traitors who agree thereto may make
such award.
Inc amount OIL Ine VaIuAtiOn OF said
property determined by the arbitrators
as hereinbefore provided shall be paid
by the city to said grantee, or his or
money of the United states. upon the ex-
piration Of the aforesaid period of
twenty,,one years, or, If the. award OF
made and filed at least two months be-
fore the expiration of said period of
twenty-one years, then within two
months after the filing of said award
Upon the making of said payment the
title and right of possession of all said
property shall pass to the City of Los
That any neglect, failure or refusal
to comply with any of the conditions of
said franchise shall thereupon immedl-
thereof, and the said city, by its city
Council, may thereupon declare said
franchise forfeited, and may exclude
and assigns, from further use of the
streets of said city under said franchise,
ors and assigns shall thereupon and i'm
mediately surrender all rights in and to
the same, and said franchise shall be
deemed and shall remain null, void and
of no effect.
Notice is also hereby given that
sealed bids, in writing, will be received
in the forenoon Of the twenty first day
of August, 1905; that the bids received
will be opened at that time; that all
stated sum in gold coin of the United
States and that the franchise will be
struck off, sold and awarded to the
make the highest cash bid therefor;
provided. only that at the time of
opening said bids any responsible per-
son, firm or corporation, present or
represented, may bid for said franchise
a sum not less than ten per cent above
the. highest. sealed bid therefor, and
not less. than, ten per cent by any other
responsible bidder, and said bidding
may so continue until finally said fran,
awarded by said City Council to the
highest bidder therefor in gold coin of
the United States Each sealed bid must
fled check payable to the city Treas
urer of the City of Los Angeles, for
sealed bid will be considered unless
said cash or check is enclosed there
with; and the successful bidder must
amount of his bid with the City Clerk
before said franchise will be struck off
to him, and If he shall fail to make
not be received, and will be considered
as void, and said franchise will then
and there be again offered for sale to
the bidder who shall make the highest
cash bid therefor, subject to the same
conditions as to deposit as above men,
toned: Said procedure will be had un-
and awarded to a bidder who shall
make the necessary deposit of at least
ten Per cent Oh Ine amount or ms Dld
as herein provided. Said successful
bidder shall deposit with the City Clerk
within twenty-four hours after the ac-
ceptance of his bid, the remaining nine
ty per cent of the amount thereof, and
in case he or it fails to do so, then the
said deposit heretofore. made will be
forfeited, and the award of said fran
chise will be void, and said franchise
will then and there by said City Coun
ell be again offered for sale to the
highest bidder therefor, in the same
manner and under the same rcstric-
tions as hereinbefore provided, and in
the City Clerk the remaining ninety
per cent of his bid within twenty -four
hours after it's acceptance, the award
to him of said franchise will be set
by him will be forfeited, and no fur
ther proceedings for the sale of said
franchise will be had until the same
shall be readVertiSed for sale.
Notice is also hereby given that the
successful bidder for said franchise
must, within five days after said fran
chise is awarded to him or it, Tile with
the City Council a bond running to said
dollars, with at least two good and suf-
ficient sureties, to be approved by said
City Council conditioned that said bid
der shall well and truly Observe fulfill
condition of said franchise, and that in
case of any breach of condition of said
bond the whole amount of the penal
sum therein named shall be taken and
shall be recoverable from the principal
and sureties upon said bond If said
bond be not so filed, the award of said
franchise will be set aside, and any
II. j. LELANDE,
7-20-29 lot City Clerk.
Ordinance No. 11,34O