The franchise to use and to construct and use for transmitting and distributing electricity to the public for any and all purposes, poles, wires, conduits and appurtenances, including communication circuits, necessary or proper therefor in, along, across, upon, over and under the streets within the city is hereby granted to Southern California Edison Company upon the terms and conditions set forth in the Franchise Act of 1937.
(Code 1960, § 7412)
Said franchise shall be indeterminate, that is to say, said franchise shall endure in full force and effect until the same shall, with the consent of the Public Utilities Commission of the State of California, be voluntarily surrendered or abandoned by the grantee, or until the state or some municipal or public corporation thereunto duly authorized by law shall purchase by voluntary agreement or shall condemn and take under the power of eminent domain, all property actually used and useful in the exercise of said franchise and situate in the territorial limits of the state, a municipal or public corporation purchasing or condemning such property, or until said franchise shall be forfeited for noncompliance with its terms by the grantee.
(Code 1960, § 7413)
The grantee of said franchise shall, during the term thereof, pay to said city a sum annually which shall be equivalent to 2% of the gross annual receipts of said grantee arising from the use, operation or possession of said franchise; provided, however, that such payment shall in no event be less than a sum which shall be equivalent to 1% of the gross annual receipts derived by grantee from the sale of electricity within the limits of such city under said franchise.
(Code 1960, § 7414)
The grantee hereof shall file with the clerk of said city, within three months after the expiration of the calendar year, or fractional calendar year, following the sixth day of December, 1954, and within three months after the expiration of each and every calendar year thereafter, a duly verified statement showing in detail the total gross receipts of said grantee, during the preceding calendar year, or such fractional calendar year, from the sale of electricity within said city. Such grantee shall pay to said city within 15 days after the time for filing said statement, in lawful money of the United States, the aforesaid percentage of its gross receipts for the calendar year, or such fractional calendar year, covered by said statement. Any neglect, omission or refusal of said grantee to file said verified statement, or to pay said percentage at the time or in the manner hereinbefore provided, shall be grounds for the declaration of a forfeiture of this franchise and of all rights of grantee hereunder.
(Code 1960, § 7415)
The grantee of this franchise shall file a bond, running to the city, with at least two good and sufficient sureties, to be approved by the legislative body thereof, in the penal sum of $1,000, conditioned that the grantee shall well and truly observe, fulfill and perform each and every term and condition of this franchise, and that in case of any breach of conditions of said bond, the whole amount of the penal sum therein named shall be taken and deemed to be liquidated damages and shall be recoverable from the principal and sureties upon said bond. Said bond shall be filed with the legislative body of the city within five days after the sixth day of December, 1954; and in case said bond shall not be so filed, or shall not receive the approval of the legislative body, this franchise shall be forfeited and any money paid to the city in connection therewith shall likewise be forfeited.
(Code 1960, § 7416)
The franchise granted hereby shall not become effective until written acceptance thereof shall have been filed by the grantee with the city clerk.
(Code 1960, § 7417)