08/1905 Board of Public Works Minutes

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278 Saturday August 26th, 1 05. I. L, & S. B. T. R. R. Co. Con t. Section 1S. The said Company, before, it shall lay or have the right to commence the construction of its .line of tracks in the City of South Bend, shall execute to the City of South Bend a bond in the sum of ten thousand dollars (10,000.00) with security to be approved by the Board of Public Works, which bond shall be conditioned upon the faithful performance and fulfillment by said Company of every duty, agreement stipulation, condition and burden assumed by said Company, -either by direce terms or by implication in this ordinance, for and during the entire period of term of this grant, and the City of South Bend reserves the right, through its Board of Public Works, to require such additional surety or sureties .as they may deem necessary, -;eith- er because of impairment of said bond by money payment thereon, or because of the in- suf'fi'eiency or depreciation of the surety or sureties thereon. Permission is.hereby given to execute said bond for a period of five years,or renewable for like period, so as to be etinuous; and it is especially understood that the agreements, conditions and stipulations of this section are continuous to the exercise of the privileges herein granted. Section 19. Failure on the part of said Company to carry out and fulfill any of the terms, conditions or restrictions of this Ordinance at any time, shall immediately forfeit all of its rights and privileges herein granted. Section 200 This contract shall take effect and be in force, provided, that within ninety (90) days after confirmation by Ordinance of same by the Common Council of the City of South Bend, said Company shall file with the Board of Public Works of Said City, its written acceptance of same, bond as required in Section 19 and deposit of -money as required in Section 17; and upon the filing of said acceptance, bond and money, this contract shall 'cake effect. and be in Pull force. IN WITNESS WHEREOF the parties hereto have caused these presents to be executed by the Board of Public Works of the City of South Bend, acting on the behalf of said City, and the Indianapolis, Logansport and South Bend Traction Railroad. Company, by its President and Secretary. BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEN. , INDIANA. William A. McInerny Edwin Nicar THE INDIANAPOLIS, LOGANSPORT AND SOUTH BEND TRACTION RAILROAD COMPANY. By, Sam S. Perley, President. SEAL # ATTEST: Edmond P. Taylor. Secretary.