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COUNCIL MEETING <br />November 24, 1986 <br />the City from January 1 through December 31 of the applicable <br />calendar year. The franchise fee shall be paid annually, <br />commgncing in 1988, on or before May 15, such fee to be based on <br />receipts from sales during the prior calendar year. In the event <br />of termination or expiration of the franchise for any reason, the <br />Grantee shall pay the applicable franchise fee within four and <br />one -half months of termination or expiration of this franchise. <br />Section 5: Purchase by City; Termination of Franchise. <br />5.1. Option to Purchase. Commencing on November 1, 1991, <br />the City shall have the option -to purchase all, but not less than <br />all, of the real property, utility plant and equipment, and any <br />other property used by the Grantee in operation under this <br />franchise and located in the City. The City's option shall be <br />exercised by the City giving the Grantee written notice of its <br />intent to purchase the Grantee's gas distribution system in the <br />City of at'least 18 months priori to the proposed date of the <br />purchase. The notice shall set forth the proposed date of the <br />purchase. The terms and conditions of any purchase pursuant to <br />this_ Section 5.1 shall be as set forth in Section 5.4 hereof. <br />5.2. Purchase Upon Revocation, Termination or Expiration. <br />Upon the revocation, termination or expiration of the term of the <br />franchise granted hereby for any reason whatsoever, including <br />default by the Grantee, the City shall purchase, within 180. days <br />after the effective date of the revocation, termination or <br />expiration, all, but.not less than all, of the real property, <br />utility plant and equipment, and any other property used by the <br />Grantee in operation under this franchise and located in the <br />1 <br />1 <br />1 <br />