§ 7-1-3. Future rights to purchase and terminate franchise.

No franchise shall hereafter be granted except upon condition that the city shall have the right at any time after fifteen (15) years from the granting thereof, to purchase the physical properties of the franchise holder and to terminate its franchise and all privileges enjoyed by it thereunder; provided the majority of the qualified taxpaying voters of the city voting thereon shall vote to do so; and provided that upon the petition of fifteen (15) percent of the qualified taxpaying voters to the council, the matter of acquisition of the property shall be submitted to an election to be determined by a vote of the qualified taxpaying voters voting thereon, which election shall be held at the next succeeding general election in the city, after at least twenty (20) days' notice in a newspaper published in the city, and provided that the owner of the physical property shall be compensated for the value thereof, considering solely the physical assets, the value to be determined by the report of the majority of three (3) arbitrators, one to be selected by the council, one by the owner of the physical property to be valued, and the third by the arbitrators so selected, but if the owner of the physical property shall refuse for thirty (30) days to select the arbitrator, then the judge of the court having jurisdiction over the case shall have authority to appoint a third arbitrator. The rights conferred by this section shall not be construed as applying to any exclusive jurisdiction conferred upon the Florida Public Service Commission.

(Laws of Fla. 1931, Ch. 15425, § 56)