There is hereby granted to MidAmerican Energy Company, an Iowa corporation, and to its successors and assigns, hereinafter called “Company,” the right and franchise to acquire, construct, erect, maintain, and operate in the City, a system for the transmission and distribution of electric energy along, under, over and upon the streets, avenues, alleys and public places to serve customers within and outside of the City, and to furnish and sell electric energy to the City and its inhabitants. The franchise shall be effective for a 25-year period from and after the effective date of the ordinance codified in this chapter† 13 ; provided, however, the City may reevaluate the franchise ordinance every five years, commencing with the tenth year, by providing MidAmerican Energy Company written notice at least 120 days prior to the tenth, fifteenth, and twentieth anniversaries of the ordinance. If such a request to reevaluate or amend the ordinance is made by the City and the parties are unable to agree to amend the ordinance within 90 days or by a mutually agreed upon date, then the City may elect to terminate or continue this franchise upon the expiration of the reevaluation period. If the City does not seek such reevaluation by means of a written notice to the MidAmerican Energy Company at least 120 days prior to the expiration of the tenth, fifteenth, or twentieth anniversaries, as provided herein, the franchise will continue without change.
Notes
| 13 | † EDITOR’S NOTE: Ordinance No. 2634, adopting an electric franchise for the City, was passed and adopted on August 18, 2008. |