96.040 City of the first class or consolidated local government may purchase public
150 words·~1 min read·
/ky/96-040A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
utility plant.
(1)If a city of the first class or a consolidated local government desires to own or
operate a utility being operated under a franchise, and the city or consolidated local
government takes the necessary steps within two
(2)years before the expiration of
the franchise, and offers to purchase, at a fair valuation, the plant of the company
which is then rendering the service, the city or consolidated local government shall
be under no obligation to sell, renew, or continue the franchise.
(2)The fair valuation of the plant shall be determined by three
(3)persons; one
(1)to
be selected by the city or consolidated local government, one
(1)to be selected by
the owners of the plant, and the third to be selected by these two (2). The plant shall
be valued as a going concern, but no allowance shall be made for future growth.