Ordinance 1989-0994 - Laserfiche WebLink

Home Browse Search

term, the City Council, upon giving thirty (30) days notice to the Company of its intention so to do may review and change the consideration the City may be entitled to receive as a part of the franchise~ provided, however, the Council may only change the consideration to be received by the City under the terms of this franchise to the equivalent of the consideration paid by the Company to any city or town in the State of Colorado in which the Company supplies gas or electric service under franchise. The Company shall, upon request, report to the City within sixty (60) days of the execution of a subsequent franchise or of any change of franchise in other municipalities that could have a significant financial impact on the consideration to be paid by the Company to the City hereunder. If the City Council decides the consideration shall be so changed, it shall provide for such change by ordinance; provided, however, that any change in the franchise fee is then allowed to be surcharged by the Company; and provided, further, that the consideration is not higher than the highest consideration paid by the Company to any municipality within the State of Colorado. For purposes of this Section, consideration means the franchise fee established in Article V, Section 1 , the undergrounding program established in Article VII, Section 2 and also includes any other provision which is of similar significant financial benefit to the City. -3-