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Council may, by ordinance, renew any grant, subject, however, to the restrictions in Section 1, for the construction or operation of any utility, at its expiration, upon such terms as may be conducive to the public interest. No such grant shall be renewed earlier than two years (2 yrs.) prior to its expiration unless Council shall, by a vote of at least five (5) of its members, first declare by ordinance its intention of considering a renewal thereof, which ordinance shall be passed at least sixty (60) days prior to the passage of the ordinance granting such renewal.
All such grants and renewals thereof may reserve to the Municipality the right to purchase all the property of the utility in the streets and highways and elsewhere, used in or useful for the purpose of the utility, at a price either fixed in the ordinance or to be fixed in the manner provided by the ordinance making the grant or renewal of the grant. Nothing in such ordinance shall prevent the Municipality from acquiring the property of any such utility by condemnation proceedings or in any other mode, but all such methods of acquisition shall be alternative to the power to purchase reserved in the grant or renewal as hereinbefore provided.
No ordinance making such purchase shall be valid unless it shall expressly provide therein that the price to be paid by the Municipality for the property that may be acquired by it from such utility by purchase, condemnation or otherwise, shall exclude all value of such grant or renewal.
Upon the acquisition by the Municipality of the property of any utility by purchase, condemnation or otherwise, all grants or renewals shall at once terminate.