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Alk Adik a <br />-3- <br />SECT IQ N 5 : <br />Upon the expiration of the franchise granted in this <br />ordinance, the pla nt or plants, as well as the property of said <br />Company in or upon the streets or public grounds of the City of <br />Paris, may thereupon, without f urther compensation to s aid Com- <br />pany, upon payment of a f air and reasonable valuation, such <br />valua.tion to be arrived at anct determined in the same manner <br />as provided in the charter of the City of Paris for determining <br />the valuation of property condemned or taken by the City for <br />public use, be and become entirely the property of the City of <br />i'aris. In arriving at such valuation no account sha11 be taken <br />of any value arising from such franchise or the right to use <br />such streets or public grounds. <br />SECT IU N 6 : <br />The franchise and rights grented to the Company in thi.s <br />ordinance shall not be assigned, transferred, sold or conveyed <br />by said Company without having first securec the consent of the <br />City to be given in an ordinEri ce duly and le~-ally passed by <br />the City Council of the Cit,y of Paris at a regular or called <br />meeting of said Council. <br />SE;CTION 7; <br />The Company for this gran t, and as a rental charge for <br />the u.se of the s tree ts , alleys, and pub lic highway of the C ity <br />of Paris, as hereinbefore set out, and in payment of a11 other <br />charges, except ad valorem taxes, during the life of this franchise <br />agree s to pay to the City o f Far is as f o llow s: On June 10, 1954, <br />and annually thereafter on June lOth of each succeeding yea.r a <br />sum equal to two (2%) per cent of its gross revenus received <br />from the sale of electric energy from its residential and com- <br />mercial business conducted within the corporate limits of said <br />City for the preceding twelve months anding iAarch 31st, as payment <br />f'or the privilege of using the streets, alleys, highways,, easements, <br />parks ana other public places within the City and other charges <br />connected with such use. <br />SECT ION 8 ; <br />It is expressly a$reed that the rate charged the domestic <br />consumers in the City of Paris sha11 never be higher than the <br />domestic standard rate charged by Texas Power & Light Company in <br />cities of the same class served by it. <br />SECTION 9: <br />The f ailure or ref usal of said Company within thirty (30) <br />days af'ter receipt of written notice f rom the CitS of raris of <br />