300.05 City may purchase utility.
Subdivision 1. Authorization. The governing body of a city may acquire and operate a street railway, telephone, waterworks, gas works, or an electric light, heat, or power works in the manner provided in subdivision 2.
Subd. 2. Procedure. The governing body of a city may petition to acquire and operate a franchise referred to in subdivision 1, if authorized to do so by a two-thirds majority of the votes cast at a special election called for that purpose. The election must be held within the three-month period prior to the expiration of any period of five years from the granting of the franchise.
The city must also pay the corporation or person owning the franchise the value of the property being acquired. The value of the property is determined in the manner provided by law for acquiring property under the right of eminent domain.
Subd. 3. Payment. The consideration for the works or property must first be applied to the payment of any encumbrances. The remainder, if any, must be paid to the owner of the franchise.