The comet. (Johnson City, Tenn.) 1884-1916, 1912-08-22

dinance, that is, after it has run 70
ninteen years, and before its expiration
the grantor shall have the option:
a. Either to extend the franchise
on such terms as may be agreed upon
by both the grantor and the grantee, or
(2.) To buy said plant, pipes, mains
distributing system and all fixtures
machinery and equipment belonging
appurtenant and necessary thereto, al
a price to be based on the average net
earnings of the said concern for the pre-.
ceeding five years, said city having the
right to take over the said plant by pay
ing therefor sum upon which said
plant realizes six per centum profit per
annum.
Sec. Said gFanbee may require, at
his discretion, guarantee deposit from
persons proposing to become consumers
not to exceed five dollars per meter for
| private honses, dwellings or flats, and
not to exceed ten dollars per meter for
stores or public places, the deposit to be
returned to the depositor when he
ceases to be consumer, with legal rate
OF interest added for time so retained as
a deposit.
Sec. 9. In the case of making repairs
changes or constructing new work the
grantee shall have the right to shut off
the gas and keep same shut off for such
reasonable time as may be necessary to
accomplish such purpose, on giving such
reasonable notice thereof as may be
practicable, or as the exigency of the
case will permit.
Sec, 10. Within thirty days after the
passage of this ordinance upon its third
and final reading and its approval by
the Mayor, the grantee shall deposit
five hundred dollars $500 0OO) and within
sixty days there after, nine thousand
five hundred dollars (S9500. O0) in escrow
in local bank in said City, said sum of
five hundred dollars (5O0.00) to be
forfeited to the grantor at the expira-
ton of sixty days, unless said sum OF
nine thousand five hundred dollars
$50, SOC. .00) is deposited as herein stipu-
lated-however, the amount hereafter
required to be deposited may be reduced
as herein after provided-as guarantee
of good faith and assurance that the |
said grantee will begin the construction |
of the said plant or system, under this |
ordinance, within three months after
its final passage and its signing and |
approval by the Mayor, one thousand |
dollars ($10OO.O0) of said last named sum
to be forfeited to the grantor If work is
not begun within three months. 1t is
provided, however, that one-half the |
amount shown by cancelled checks or
of the grantee showing pay
ment made upon machinery, fixtures,
purchased for and installed
In johnson City, and labor, or contracts
in pursuance of the purposes of this
franchise exhibited to the Recorder of
said City shall be acceptable and accept
ed under this ordinance as "a credit upon
the amount herein before required to be
deposited in escrow And it is provided
further that, of the amount actually
deposited In cs crow as aforesaid, the
grantee may be allowed to withdraw at
the end of each month an amount equal
to one-haf of the entire expenditures
during said month for material,
equipment, labor, contracts,
etc, as aforesaid, on account of the
progress of the work on said plant and
system, until said deposit is exhausted,
5he grantee TO file with the grantor
certified statements of expenditures
until deposit is exhausted as above
stipulated.
Unless the said grantee has construct
ID gas plant.and is distributing gas in
said City within one year from the date
If the final passage and approval OF /
his ordinance, the deposit made under
he provisions herein before set out,
shall be and become forfeited to the
City, unless work thereon shall be
Kindred and delayed by
strikes, labor disturbances, public
'nemy, or acts of God. If gas is not
)eing delivered to consumers within
.wo years from final passage of this
ordinance all rights granted here under
hall be forfeited and such part of the
,lant, fixtures and machinery as have
Continund nm naga tbraa