Bisbee daily review., 1907-05-24
Section 8.

It Is agreed that the consideration for the rights and privileges granted by the City to the Company under this franchise shall be. that the ounl- pany shall pay to the City on the first day of April of each year during the life of the franchise twenty per cent t2Ofo) of the net earnings or tue Company for the preceding year end ing the first of January, derived from the five cent fares taken in on cars while operating on tracks within tine corporate limits of the City of Bisbee. The net earnings shall consist oI ] fares so taken in, less the cost of ] operation, repairs, maintenance, in- | surance, an interest charge of six per cent (6q6) on cost Of that DOT ] tion of the railway system under op- i eration within the corporate limits 1 of the City, and a charge of eight per | cent (S9o) for depreciation based on l the cost of the system within the cor poTate limits of the City. The Con- | pany agrees to replace with the fund l created by the depreciation charge all i equipment in any way rendered in- l efficient either by use or by becoming | obsolete.
 All pexasaal injury or other cIaims 1 arising kom the operation of the | railway and laid by the Company | shall be considered as operating ex- pense.
 The Company agrees to furnish the i City with full and verified report on | the first day of April ot the operation of the railway within the cur porate limits of the City for the year preced ! ing the first of January of the year I in which such report is made and to i accompany such report with payment of twenty per cent (209cD of net earn | ings as before provided for, and the | City shall have the right to examine
 books of the Company for the pre- ceding year covering such operation. l section g.
 The Company shall cause said rail way to be erected within the time
 hereinbefore provided: and the failure of said Company to compsste the said
 road within the time herein provided shall also work a forfeiture of the franchise hereby granted, Provided
 however, that in case the City shall fail to provide a right of way over
 the necessary portion of the Subway,
 and up Tombstone Canyon as herein
 before specified then the forfeiture
 herein provided shall have no Ioice
 and effect
 section 10.
 Tho Company will equip all carl ] with efficient and serviceable fender
 devices, head lights and sand boxes. Each double truck car will be equip ped with two sets of brakes, one o
 which to be operated by hand ant the other to be the most approved
 type of air brakes for the purpose.
 Tue cars will be well and sufficient ,, Iy heated and lighted
 The cars will be provided with push
 buttons at each seat for the puiIiost
 of notifying the conductor when pas
 senger wishes to leave the car. section ii.
 This franchise as grant of a puD lie utility shall take effect when an thorized by a majority vote of th' F qualified electors of said City at ; ! special election, duly and legall. 5 called for that purpose, and upon thi ! passage and adoption thereafter o a this ordinance by the Common Com F cil of the City of Bisbee
 Passed and adopted by the Common
 Council of the City of Bisbee. the .. Q day of ......, 190.
 i ..'. + Mayo 8 Attest:
 i; ........, City clerk. ut Eirst nubl!cafion May a 1907