Section 3. Term.
(a) The term of this Franchise shall be twenty (20) years from the effective date of this ordinance.
(b) Upon sixty (60) days advance written notice by the City, the franchise fee percentage rate may be changed on the fifth, tenth or fifteenth anniversary of the effective date of this ordinance.
(c) Upon written request of either the City or the Company, the Franchise shall be reopened and renegotiated at any time upon any of the following events:
(1) Change in federal, state, or local law, regulation, or order which materially affects any rights or obligations of either the City or the Company, including but not limited to the scope of the grant to the Company or the compensation to be received by the City; or
(2) Change in the structure or operation of the electrical energy industry which materially affects any rights or obligations of either the City or the Company, including but not limited to the scope of the grant to the Company or the compensation to be received by the City; or
(3) Any other material and unintended change or shift in the economic benefit to the City or a change the Company did not anticipate upon accepting the grant of this Franchise.
(d) Amendments under this section, if any, shall be made by ordinance as prescribed by statute. The Franchise shall remain in effect according to its terms pending completion of any review or renegotiation pursuant to subsection (c). (Ord. 19067 § 3, 4-8-08.)