There is hereby granted to Mid-American Energy, a corporation authorized to do business in the State of Iowa, hereinafter called the “Company,” and to its successors and assigns the right and franchise to acquire, construct, erect, maintain and operate in the City a gas distribution system, to furnish natural gas along, under, and upon the streets, avenues, alleys, and public places to serve customers within and without the City, and to furnish and sell natural gas to the City and its inhabitants. For the term of the franchise the Company is granted the right of eminent domain, the exercise of which is subject to City Council approval, upon application by the Company. The franchise shall be for a term of 25 years from and after its effective date; provided, however, there may be a re-evaluation option prior to the end of year 15 with the opportunity for both parties to request amendments. If such a request to re-evaluate or amend the franchise is made and the parties are unable to agree to amend within 60 days, then either party may terminate the franchise agreements at the end of year 15. If neither party requests such re-evaluation by means of a written notice to the other party at least 60 days prior to the expiration of year 15, the franchise shall continue without change.
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Notes
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EDITOR’S NOTE: Ordinance No. 07-166, adopting a natural gas franchise for the City, was passed and adopted on February 20, 2007. |
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