48-01 R - Texas Power and Light Franchise Agreement K
RESOLUTION
BE IT PESOLVED BY THE CITY COMMISSION OF THE CITY OF
PROSPER, TEXAS:
That the Mayor be, and he is hereby authorized
be and
to execute and enter into, and the City Secretary ,
is hereby authorizes. to attest, an agreement covering
he an of
the use and occupancy
by Texas Power & Light Company
the streets, alleys, highways, easements,
perks, and other
Texas, upon the
public places within the Ci+,r of Prosper,
terms and conditions set forth in a form of such contract
ted and filed with the City Secretary.
this day submit 911514., day of
PASSED AND ADOPTED this the
/ - 1948.
•
Mayor
ATTEST:
City Secretary
(SEAL)
STATE OF TEXAS Q
COUNTY OF COLLIN()
THIS AGREEMENT made and entered into by and between
the CITY OF PROSPER, TEXAS, hereinafter called "City", and
TEXAS POWER & LIGHT COMPANY, hereinafter called "Light Company",
WITNESSET H:
'EREAS, Light Company is operating an electric
distribution system, including poles, wires, transformers, meters,
and other appurtenances within the City of Prosper, Texas, under
a franchise duly granted, which franchise provides no compensation
to City for the use and occupancy of the streets, alleys, highways,
easements, parks, and other public places within said City, or
other charges in connection with such use; and
WHEREAS, it is the desire of the City and Light Company
to agree upon and compose their differences in respect to a reason-
able rental or compensation for such use and occupancy e.s granted
by said franchise, and the parties hereto have agreed upon an amount
to be paid annually by Light Company to City for such purposes:
NEXT, THEREFORE, in consideration of the mutual cove-
nants and agreements hereinafter set forth, and the mutual benefits
to be derived therefrom, the parties hereto agree as follows :
1. That on the 5th day of June, 1949, and annually there-
after on the 5th day of June of succeeding years for a period of ten
(10) years, Light Company, its successors or assigns, so long as it
or they shall continue to serve City with electric energy for munici-
pal purposes, shall pay to City a sum equal to two (2%) per cent of
the gross amount received from the sale of electric energy by said
Light Company from its residential and commercial business conducted
within the corporate limits of said City for the preceding twelve (12)
months ending March 31st, as full payment for the privilege of using
and occupying the streets, alleys, highways, easements, parks, and other
public places within the City, and other charges connected with such use,
eY
for the period of twelve (12) months immediately preceding the date
on which said payment is due to be made.
2. City agrees to accept such annual payments as full
compensation to be paid by Light Company for the privilege of using
and occupying the streets, alleys, highways, easements, parks, and
other public places within the present and future territorial limits
of City, for the period named in Paragraph 1 above, in lieu of all
other municipal charges, foes, rentals, supervision or inspection
charges, and all other taxes, assessments or charges, except ad
valorem taxes.
3, Unloss written notice is given by either party
hereto to the other not less than sixty (60) days before the
expiration of this agreement, it shall be automatically renewed
for an additional period of five (5) years from such expiration
date, and shall be automatically renewed thereafter for like periods
until cancelled by written notice given not less than sixty (60)
days before the expiration of any such renewal period.
4, This agreement supersedes all previous agreements
covering street rental to be paid by Texas Power & Light Company to
the City of Prosper.
IN TESTIMONY WHEREOF, witness the signatures of the'
parties hereto in duplicate original, this the day of
ee
,- , 1948.
ATTEST* CITY OF PROSPER
BY BY )/fe&
F /
City Secetary Mayor
(SEAL)
ATTESTe ' e TEXAS POWER & LIGHT COMPANY
II
BY ,
Secretary Vice-President
(SEAL) �'