Every franchise granted by the City of Portland shall contain full and explicit statements of its conditions in the following particulars:
(a) In case of railroads and street railways it shall specify plainly the streets or other public places or parts thereof to which they apply. Any other franchises shall state the boundary of the district or districts within which they shall be exercised.
(b) The amount and manner of payment of the compensation to be paid by the grantee for the right. The Council shall make an estimate of the cash value of any franchise upon the filing of the application, or an estimate for what it may consider fair compensation to the City for such franchise, and the same shall be entered upon the minutes of the proceedings of the Council and published with the published copy of the franchise. In lieu of a money valuation the Council may at its option declare what will be a reasonable reduction of fares, rates or charges, either at the beginning or progressively from time to time, to be made by the grantee in compensation for the grant.
(c) The time of beginning the construction or other work thereunder, the estimated total cost of such work, the monthly or yearly sums of money to be expended thereon, and in case of franchises to transportation companies or other franchises covering certain streets or portion of streets, the time within which the work under such franchise shall be completed upon such streets or portions of streets, respectively.
(d) Every grant of a franchise which provides for or permits the changing of rates, fares or charges shall contain a provision fixing the maximum that the holder can collect for services rendered by virtue of said franchise and the operation of the plant or property thereunder; subject, however, to the power of regulation prescribed in Section 10-108 of this Charter.
Rates, however, shall always be uniform to all persons of like classes, under similar circumstances and conditions.
[May 3, 1913, new sec. 75; rev. 1914, sec. 174; 1928 pub., sec. 174; 1942 recod., sec. 10-209.]