Every ordinance granting any franchise shall provide that at the expiration of the period for which the franchise was granted, or at any time before as stated in the ordinance granting such franchise, the city, at its election and upon payment of the physical valuation therefor, to be made in the manner provided in the ordinance making such grant, may purchase and take over to itself the property and plant operated under said franchise in its entirety, but in no case shall such valuation include any compensation for franchise or goodwill other than the amount originally paid to the City for such franchise. Or it may be provided in the ordinance granting any fran-chise that the property and plant operated under said franchise in its entirety shall, at the expiration of the period for which the franchise was granted, become the property of the City, without compensation to the owner of the franchise. The grantee, his or her successor or assign, of any franchise under this article shall be required in said ordinance to file, not later than March 1st of each calendar year, with the City Clerk an itemized statement of the expenditures for new construction during the calendar year next preceding the filing of said statement; and said statement shall be verified by the oaths of the president and secretary of the grantee, his or her successor or assign, if such grantee, successor or assign be a corporation, or by the oaths of a majority of the members of the firm, if the said grantee, successor or assign be a firm or by his or her oath if the grantee, his or her successor or assign be a person. No cost of maintenance, operation, repair or renewal shall be considered to be a cost of construc-tion.
Editor's note: This section of the Charter was amended by Assembly Concurrent Resolution No. 162 which was approved by the voters of the city, June 8, 1965. This section was further amended by the voters of the city on March 26, 1996.