The Detroit times., 1911-11-29

bc practically tdenticai Win the GATE
OF It's report IL h 20 allow no value
for the rights granted by this ordi-
nance. IL Is 10 allow for the existing
foundations a value which Is 20 be de-
termined In the year 1919. In accord
ance with sections IA. rs and l6.
n IL is 70 allow for the future work
done By the company. the cost price
IA accordance with sections is and 20
II - 10 value all valid franchises here
tcfore granted and which have not
lapsed at the time OF purchase, from
this date. taken for the determination
Of values 10 tho date Of expiration OF
the franchise IN tho date OF expiration
a. before Dec 4 1924 II tho date OF
expiration "a after Dee. I. 1874, no
value is 90 bo placed upon the fran
,hisf beyond that date
Tho cOmpanys land Is 10 be valued
az its fair market value All other
ITuL r-ItNtII- into ruffStrtt-fh tfet -
cost and natural depreciation, is 10 be
4 valued 40 us fair value for street rail-
wa purposes
The next paragraph names the four
possible ways OF the city paying for
the railway property.
60 Cash; t2l part cash and assum-
Ing the payment Of mortgage for the
! balance, - assuming THE payment or
mortgage equal TO the purchase
lpTico; 90 assuming OF blanket mort
gage SO much as VIII equal the pur-
Chas" pr4Nc, the company giving Sc
curity 10 the satisfaction OF the oonrd
OF appraisal 20 protect the city against
]
which tho city does not assume.
I W hen the purchase price ~ hNed by
the board OF appraisal the company
/ has so days Ia which 20 say In which
OF the above ways II viii take payment
/ FOR its property IL the company does
not elect. the board hNes upon meth
cd which IN either event, with the
price OF the property. must be submit
ten To the people Unul approved by
I the people II is not binding
? II the people approve. the city con-
7 der OF Its title, reconvenes the board
\ OF appraisal II may then take from
4 the purchase price any lessened fran
chise value. deduct any amount pre-
Xiously fixed as the value OF any prop
erty missing from the inventory. and
any depreciation due 20 the companys
failure 10 maintain the property or
add the worth OF any betterment In
J stalled by the company after the pur-
chase price was fixed.
I The next paragraph makes the
judges OF the circuit court an indie
pendent board OF appraisal II the COM
\ pRny fails or refuses. 10 proceed with
the other appraisal This Is a matter
I OF caution 20 meet any legal objection
that might be raised To the other meth
! Cd
There are several ways In which the
company may make tender OF It's title.
which IL must do within one year after
the vote OF approval The tender OF
title however must be in accordance
with the award which. the people have
( approved
II the way OF payment Is to be in
cash. the transaction will be consum-
mated as any purchase OF mortgaged
real estate. the rendering OF abstract
and fixing on a time and place when
the mortgage will be discharged and
title pass.
III payment Is TO be made by the city
assuming mortgage equal TO or less
than the purchase price. the company
is 10 tender title free from any mort
gage except that assumed by tho city
n payment is 10 be made bv the city
ASSUMING such part Of blanket mort
gage as equals purchase price, the
company is to tender title free and
clear Of any other mortgage, together
with the security demanded By the
beard OF appraisal for the city's- pro.
lection against that part Of blanket
mortgage rot assumed by IT.
After tender OF title the city has six
months IN which 10 make payment
The balance Of the paragraph has 20
that may arise and which at this time
could be foreseen
III the company fails TO make tender
OF title within the year given IT, the
city Immediately takes possession OF
the property. operates the road and re-
tains the revenue derived from the op-
Grafton The company may then. when
IL has perfected it's title. make tender
and within six months the city is TO
buy IL.
The city In. however, free TO abandon
or restore the property TO the COM
pany. but must restore ~ free and clear
OF any obligations or liabilities due 10
its operation of the road In the fol-
lowing particulars.
II this restoration should take place
after purchase on a timely tender. the
city must restore the property free and
clear OF any liabilities and pay inter-
est at rate of six per cent per annum
from the date OF purchase on any un-
paid purchase price. deducting from
this amount any interest heretofore
paid by H.
II the restoration should take place
while the city was In possession before
purchase the property must be restor-
ed free and clear from any and all
Liabilities placed on the property from
the date of the company's deferred
tender OF title, together with like in,
'teres' from the same date.
IL the city should default. that is. il |
IL should not pay the principal or In
ttfest OF any mortgage assumed by IL, |
the property is TO be taken from 1t.
and this grant extended one and one
half days for every day that the city
was in possession.
IL after getting into possession be- |
cause OF the company's failure TO make
a timely tender OF title, IL should re-
fuse, on tender being made, 10 buy or
give up possession. this grant is TO be.
extended one and one-half days for
every day that the city was in posses
sion after the company made the de-
ferred tender OF title
While this ordinance Is TO be secur- |
ity for the city's promptly meeting its /
obligations under the terms of pur-
chase and Is TO continue while any OF !
the purchase price remains unpaid up
TO Dec. 4. 1924, IL will. without further |
word or deed. Immediately terminate
II the company should default on it's
part OF the bargain, or IL the company
should fail to pay its part OF any blan-
ket mortgage. This is done 80 that on |
foreclosure sale the buyer would be
compelled TO take the property with |
out a franchise.
The company must file bond in the !
sum OF one million dollars, which viii |
De forfeited TO the city II IL refuses 70
give the city possession OF it's property
when IL has failed 10 make tender Of |
title at the end OF the year given il 20
do So or IL the ctty's possession Is lost
on account or the companys failure 10
protect At against any outstanding
mortgage.
In addition 10 this. II at the end Of
the year the company has failed TO
make tender OF title and the city Is
prevented from going into possession,
Tor each day that Ii ~ prevented from
possessing itself Of the property, Il Is
70 collect the sum OF FIVE thousand dol /
lars, and a demand once made for the
possession or the property will be all
that - necessary The PENALTY may be
collected weekly
These provisions in themselves are
suthcient 20 ensure title 20 the city
written assurance or \ r. DUPONT
VINO, Tor tn purpose OF giving the as
htrance made an investtxation OF the
coWPanys property and books that
the value or the property outside OF /
'tne present limits OF the city OF De-