There is hereby granted to MidAmerican Energy Company, an Iowa corporation, hereinafter called “Company,” and to its successors and assigns the right and franchise to acquire, construct, erect, maintain and operate in the City a system for the transmission and distribution of electric energy and communications signals along, under, over and upon the streets, avenues, alleys and public places to serve customers within and without the City and to furnish and sell electric energy to the City and its inhabitants. For the term of the franchise the Company is granted the right of eminent domain, the exercise of which is subject to Council approval upon application by the Company. The franchise shall be effective for a 20-year period beginning on the effective date of the ordinance codified in this chapter
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(which shall be the date upon which the franchise ordinance is accepted by the Company); provided however, there may be a reevaluation prior to the end of year 10, with the opportunity for either party to request amendments in writing. If neither party requests such reevaluation by means of a written notice to the other party during the last 120 days of year 10, the franchise will continue as approved for the remaining 10 years. If a request to amend the franchise is submitted and the parties are unable to agree to amend the franchise, then the franchise may be terminated at the end of year 10 by either the City or the Company.
Notes
| 6 | † EDITOR’S NOTE: Ordinance No. 1509, adopting a natural gas franchise for the City, was passed and adopted on May 16, 2005. |