(A) Upon the cancellation by the city of the privileges granted hereunder, any utility using the public streets, public property or public rights-of-way shall be deemed to have consented to grant to the city, at its election, the right to purchase and take over the utility system and its properties, within the city upon the payment of a fair market value, less depreciation.
(B) In the event of disagreement as to the values, each party shall appoint a qualified person with the two persons so appointed selecting a third.
(C) These three persons so selected shall have the powers given to a Board of Arbitration by the laws of the state and shall agree on the value of the utility within the city.
(D) Any party dissatisfied with the award may appeal as provided by the laws of the state.
(E) The utility shall not receive any value for its temporary privilege to use the public streets, public properties or public rights-of-way.
(F) Upon the exercise of this option by the city, the utility shall, upon receipt of written notice, transfer to the city possession and title to all facilities and properties of its business within the city, free and clear of all liens and encumbrances not agreed to be assumed by the city in lieu of some portion of the valuation.
(1985 Code, § 16-25)