(a) Six (6) months before the expiration of a contract or order entered into or made under section 5 of this chapter, the municipal works board may:(1) negotiate and enter into a new contract;(2) extend the current contract;(3) procure an order of the commission; or(4) advertise for bids.The works board shall then proceed in the manner provided by the preceding sections of this chapter.(b) If a contract or order made under this section provides that an electrical system is to be operated by a utility other than the former utility and owner of the system, the new utility shall pay in cash to the former utility the full value at that time of the system, as determined by the utility regulatory commission. After payment, the former utility shall transfer title in the system to the new utility, which is then fully vested with ownership of the system. The new utility shall maintain and serve the system in accordance with this chapter.[Pre-Local Government Recodification Citation: 19-5-24-11.]As added by Acts 1981, P.L.309, SEC.82. Amended by P.L.23-1988, SEC.124.
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