2281 ORD GRANTING FRANCHISE TO FIRST NATIONAL BANK OF COP TO USE PORTION OF SPACE ABOVE AND UNDER SURFACE OF SIDEWALK ON WEST SIDE OF 1ST ST NW

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ORDINANCE NO. 2281 AN ORDINANCE GRANTING A FRANCHISE TO THE FIRST NATIONAL BANI< OF PARIS, PARIS, TEXAS, TO USE A PORTION OF THE SPACE ABOVE AND UNDER THE SURFACE OF THE SIDEWALK ON THE WEST SIDE OF 1ST STREET, N. W., BE- GINNING 32-1/6 FEET NORTH OF THE INTERSECTION OF THE STREET CURB ON THE WEST SIDE OF SAID 1ST STREET, N. W. WITH THE STREET CURB ON THE NORTH SIDE OF BONHAM STREET FOR THE PURPOSE OF MAINTAINING A PUBLIC SER- VICE INSTA LLATION KNOWN AS A D E P Q S I T Q R Y; PROVID- ING FOR A TERM OF TWENTY-FIVE (25) YEARS; AND FIXING THE RENTAL THEREFOR. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: Section l. In consideration of the payment to the City of Paris of the annual rentals hereinafter set out and in strict compliance by The First National Bank of Paris with the terms and conditions hereof, said Bank is hereby authorized to use the following portions above and below the sidewalk for the maintenance of a public service installation known as a De, p o s i t o r y, which portions of said sidewalk are described as follows: A space 2-2/3 feet by 2-1/2 feet in dimension, fronting 3-2/3 feet on the West curb line of lst Street, N. W. and extending West to a depth of 2-1/2 feet, beginning 28-2/3 feet North with the intersection of the West curb line of said lst Street, N. W. with the North curb line of Bonham Street; THENCE North with said West curb line of lst Street, N. W. 3-2/3 feet; THENCE West 2-1/2 feet; THENCE South 3-2/3 feet; THENCE East 2-1/2 feet to the place of beginning. Section 2. Tl-e franchise of user herein granted shall be for a term of twenty-five (25) years subject to the right of the City of Paris, to, at any time, alter, reform or amend it, or to appropriate all of said space, or any portion of the same, to the exclusive use of the City when same may be needed for corporate purposes, after giving thirty (30) days written notice of such intention, or the right of the City Council to cancel same in the event public necessity and convenience so requires. The City of Paris reserves the right to require The First National Bank of Paris to conform to street and sidewalk grades and to alter or lower its underground structures to meet changing conditions. Section 3. The First National Bank of Paris shall pay, in advance, to the City of Paris an annual rental of One Dollar ($l. 00) for the space described hereinabove. After the first year, all rental charges shall be paid on the lst day of January of each year.