A. If, subject to the provisions of the cable act, a renewal of a permit is denied and all appeals denied, the city may purchase to the extent permitted by applicable federal, state and local law and upon payment to the grantee of the cable systems' fair market value as a going concern, exclusive of any value allocated to the permit itself, that portion of grantee's cable system serving the city of Ponca City.
B. Subject to the cable act, if a permit is revoked for cause, the city may, to the extent permitted by applicable federal, state and local law, acquire that portion of the cable system serving the city of Ponca City upon payment of an equitable price.
C. In addition to the rights conferred in subsections A and B of this section, the city shall have the right to purchase the then owned physical properties and property rights of the grantee, its successors and assigns, situated and being within the corporate limits of the city and installed and used under this permit or prior permit agreement, and terminate all privileges granted thereby, upon petition for purchase thereof being presented to the council signed by a number of qualified electors of the city, equal to twenty five percent (25%) of the total number of votes cast at the next preceding general municipal election. Upon the submission of such a petition, the matter of the acquisition of such property by the city shall be submitted at an election and shall be determined by the vote of a majority of the qualified voters of the city voting thereon at an election held for that purpose. The election shall be held at the next succeeding election in the city and notice of the holding of the election and that fact that the question of acquiring the property will be submitted to the qualified voters thereon shall be given at least sixty (60) days prior to the date of such election by publication in a newspaper published and of general circulation within the city. If, in said election, a majority of the qualified voters shall vote to purchase the physical properties of the grantee, its successor and assigns, then the grantee, its successors and assigns, shall be compensated by the city for the value of the physical property and property rights, which value shall be determined by the report of the majority of three (3) arbitrators one of whom shall be selected by the council, one by the grantee, its successors and assigns, and the third by the two (2) arbitrators so selected. If the two (2) arbitrators cannot agree on a third arbitrator, the district judge of Kay County shall so appoint the third arbitrator. The arbitrators so appointed shall be persons of recognized ability in the appraisal and valuation of similar properties, shall be pecuniary disinterested persons, and none of the arbitrators shall be a resident of the city nor an officer, employee, stockholder or director of the grantee. In determining the value of the property and property rights, the arbitrators shall consider and give effect to all the elements of value of said physical properties and property rights of the grantee consistent with the elements of value of the properties of cable television companies as recognized by the courts and/or applicable authorities in determining compensation for the taking of property. In the event the grantee, its successors and assigns, shall refuse for a period of thirty (30) days to select an arbitrator, then the value of such property shall be fixed by the council acting fairly and in good faith. In no event shall the ownership or right of possession of such property pass to the city until it shall have fully paid to the grantee, its successors and assigns, the value of such property honestly determined in the manner above provided. (Ord. 6007, 8-23-2004)