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COUNCIL MEETING <br />November 24, 1986 059 <br />City. The terms and conditions of any purchase pursuant to this <br />Section 5.2 shall be as set forth in Section 5.4 hereof. <br />1:) 5.3. Option to Terminate. Commencing on November 1, 1991, <br />a <br />the Grantee shall have the option to terminate this franchise. <br />The Grantee's option to terminate the franchise shall be <br />exercised by the Grantee giving the City, at least one year prior <br />to the proposed date of termination, written notice of Grantee's <br />intent to terminate the franchise, which notice shall set forth <br />the proposed date of termination. After Grantee gives notice of <br />its intent to terminate the franchise, either the parties shall <br />negotiate a new franchise on terms and conditions mutually <br />acceptable to the parties, or the City shall purchase Grantee's <br />gas distribution system in the City on the date of termination <br />proposed by Grantee. The terms and conditions of any purchase <br />pursuant to this Section 5.3 shall be as set forth in Section 5.4 <br />hereof. <br />5.4. Terms and Conditions of Purchase. The Grantee and the <br />City shall negotiate all terms and conditions of any purchase by <br />the City of the gas distribution system in the City pursuant to <br />this Section 5 or otherwise. The price to be paid for the <br />property to.be acquired pursuant to any purchase of the gas <br />distribution system in the City shall be the fair value of said <br />system as an ongoing business as of the date of closing on the <br />purchase. In no event, hwoever, shall the price be less than the <br />ccst of retiring all outstanding bonds or other obligations <br />1 <br />