SECTION 59.  RIGHT TO PURCHASE.
   All such grants and renewals thereof shall reserve to the Village the right to terminate the same and purchase all the property of the utility in the streets and highways in the Village and elsewhere, as may be provided in the ordinance making the grant or renewal, used in or useful for the operation of the utility.  The price for such purchase shall be fixed in the ordinance making the grant or renewal of the grant. Nothing in such ordinance shall prevent the Village from acquiring the property of any such utility by condemnation proceedings or in any other lawful mode, but all such methods of acquisition shall be alternatives to the power to purchase, reserved in the grant or renewal. Upon the acquisition by the Village of the property of any utility, by purchase, condemnation, or otherwise, all grants or renewals shall at once terminate. No ordinance making such grant or renewal shall be valid unless it shall expressly provide therein that the price to be paid by the Village for the property that may be acquired by it from such utility by purchase, condemnation, or otherwise shall exclude all value of such grant or renewal.
(11-3-15.)