§ 10. Street Lighting  


Latest version.
  • The City shall have the option at any time after the taking effect of this franchise, to acquire title to the wiring, poles, conduits, lamps, and other appurtenances (exclusive of the power house and generating equipment) which may be at said time used or useful exclusively in any street lighting of the City. Such property and facilities shall be sold to the City by Company, its successors or assigns, at the fair cash value of the physical properties. In the event of the exercise of the option by the City to take over said street lighting property, there shall be no allowance to the Company, its successors or assigns, for any element or item of intangible value, blue sky, nor any good will or going concern value, nor any "Severance Damages," or stranded costs or stranded value. Nothing herein shall be construed to in any manner preclude or prevent the City from acquiring title by any means authorized by law to any part, portion or all of the electric property of the Company, its successors or assigns or preclude or prevent Company from selling its street lighting system to a third party or give City a right of first refusal or option of any kind in connection with such a transaction. In the event Company sells its said street lighting system to a third party, the provisions of this Section shall be null and void and of no further effect.