(a) Pursuant to prior agreement of the company and the City, the City sold, transferred and conveyed to the company all of the City's right, title and interest in and to the water mains and lines described in a catalog of water mains and lines dated August 1, 1971, the same having been prepared jointly by the City and the company and placed on file in the office of the City Clerk.
(b) In the event the City so elects, the company shall, upon written notice by the City to the company, for $10.00 consideration, reconvey to the City all right, title and interest in the water mains and lines described in the aforesaid catalog of water mains and lines as were conveyed by the City to the company under paragraph (a) hereof, excluding, however, any water mains or lines or portions or appurtenances thereof which the company may have constructed as replacements or relocations of any of the mains or lines listed in said catalog.
(c) The company shall exclude from its property valuations for rate making purposes the values of the water mains and lines described in the aforesaid catalog; provided, however, that there shall not be excluded any replacements or relocations of any said water mains or lines or any portions or appurtenances thereof.
(1969 Code 53.03)