No grant of franchise or no renewal, extension or amendment of such grant shall be valid unless it specifically reserves to the city the right, at intervals to be set forth in the franchise ordinance, to terminate the same by purchase or lease and operation of the property of the utility used in or conveniently used for the operation of the utility in the interest of the city or elsewhere; nor shall any such grant, renewal or extension be valid which does not either definitely fix and determine the price which shall be paid by the city for property of the public utility and the terms of payment in the event of purchase or lease by the city, or provide the precise means and method whereby such purchase or rental price and terms shall be fixed and determined.
(Adopted May 8, 1923)