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<br />ORDINANCE NO. . <br />PAGE 3 <br /> <br />e <br /> <br />. <br /> <br />Thence in a westerly direction along the south city limits <br />line of the town of Shoreacres and a westerly projection of said line to <br />a point of intersection with the center line of the G.R. & S.A. Railroad; <br />Thence in a northerly direction along the center line of the <br />G.R. & S.A. Railroad to its intersection with the south right-of-way line <br />of Cardi ff Road, the point of beginning. <br />7. As compensation to City for the use and occupancy of <br />its public roads, ways, highways, lanes, alleys, bridges, parks and other <br />public places in the City, and in consideration for the other rights and <br />privileges herein granted, Company agrees to pay the City on March 15 of <br />each year occuring during the continuance of this agreement, a sum of <br />money equal to two (2%) per cent of its gross receipts from billings for <br />the twelve month period from January 1 to December .:31, inclusive, next <br />preceding such March 15, -- exclusive of receipts from the sale of water to <br />the City of La Porte or any department thereof -- received by the Company <br />for said tvrelve month period from its sales made direct by Company to <br />ultimate consumers for corisumption within the corporate limits of the City; <br />less a sum equal to the aggregate amOlmt of any license, charge, fee, street, <br />or alley rental, or any other charge, or levy, or character of tax, for use <br />or occupancy of the public roads , ways, highways, lanes, alleys, bridges, <br />parks or other public places. <br />8. The City of La Porte reserves the right to purchase from <br />the Company the franchise and distribution system of the Company pertaining <br />to the distribution of water hereunder at the end of ten (10) years from <br />the date of this franchise and at the termination of each five (5) year <br />period thereafter. In the event of such exercise of option the City of <br />La Porte shall be required to pay the Company only for the tangible property <br />making up said distribution system as hereinafter set out and provided and <br />shall not be charged and pay any price for the franchise, good will or <br />"going businesstl of the Company. In the event of the exercise of such <br />option by the City of La Porte at the stipulated times the price to be paid <br /> <br />e <br /> <br />e, <br /> <br />e <br />