Such grant of franchise under and any contract in pursuance thereof shall provide that upon the termination of the grant, the grant, as well as property, if any, of the grantee, in the streets, avenues and public places, shall thereupon without other or further compensation to the grantee, or upon the payment of a fair valuation therefor, (the mode of ascertaining which shall be determined in the grant), be and become the property of the City of Burkburnett, and the grantee shall never be entitled to any payment or valuation because of any value derived from the franchise or the fact that it is or may be a going concern, duly installed and operated, nor in arriving at the valuation shall any intangible value be taken into consideration, bur merely a fair value for the tangible property in use by the utility at that time in its business of supplying the public with such service as it may then be furnishing.
(Adopted May 8, 1923)