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96.040 City of the first class or consolidated local government may purchase public utility plant.

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96.040 City of the first class or consolidated local government may purchase public 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 <br>government takes the necessary steps within two (2) years before the expiration of <br>the franchise, and offers to purchase, at a fair valuation, the plant of the company <br>which is then rendering the service, the city or consolidated local government shall <br>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 <br>the owners of the plant, and the third to be selected by these two (2). The plant shall <br>be valued as a going concern, but no allowance shall be made for future growth. Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 346, sec. 107, effective July 15, 2002. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>secs. 3037d-2, 3037d-3, 3037d-6.