Said Board of Arbitration, provided for in the next preceding section of this Article, in arriving at a fair evaluation at which said utility may be sold to the city, shall not take into consideration the value of any franchise or grant held by the owner or owners of the utility from the city or any other intangible value of such utility, but merely a fair value for the tangible property in use by the utility in its business of supplying the public with such service as it may then be furnishing.
(Adopted May 8, 1923)