That, in acquiring any such privately owned utility, as is mentioned in the next preceding section of this Article, if by purchase, and should the owner or owners of such utility and the governing body of said city be unable to agree upon the price, the terms of such purchase shall be determined by a Board of Arbitration consisting of three members to be appointed as follows: One member by the owner or owners of the utility to be purchased; one member by the governing body of the City of Burkburnett; and the third member to be selected by these two. If the two members shall be unable to agree upon the third member of said Board, then such third member shall be appointed by the County Judge of Wichita County, Texas. if such utility, however, should be acquired by condemnation proceedings, such proceedings shall be controlled, as nearly as practicable, by the laws governing the condemnation of property by railroad corporations in this State, the city taking the position of the railroad corporation in such cases.
(Adopted May 8, 1923)