All public utility franchises shall make provision for fixing rates, fares and charges,
and for readjustments thereof at periodic intervals of not more than five (5) years,
either by arbitration upon terms to be specifically set forth in the franchise, or
by state agency, at the election of the metropolitan government. The value of the
property of the utility used as a basis for fixing such rates, fares and charges shall
in no event include a value predicated upon the franchise, good will or prospective
profits.
Every public utility may be required by the metropolitan government to permit joint
use of its property and appurtenances located in the streets, alleys, and public places
of the metropolitan government, by other public utilities, in so far as such joint
use may be reasonably practicable, and in accordance with the provisions of the National
Electrical Safety Code upon payment of reasonable rental therefor; provided, that
in the absence of agreement, upon application by any public utility, the council shall
provide for arbitration of the terms and conditions of such joint use and the compensation
to be paid therefor, which award shall be final.
The right to use, control and regulate use of its streets, alleys, bridges and public
places, and spaces above and beneath them, is hereby reserved to the metropolitan
government, and every public utility franchise shall be subject thereto. Every public
utility shall indemnify the metropolitan government against and pay for such damage
as it causes to streets, alleys, bridges and other public places by reason of excavations,
cutting of pavements, construction work and the like, provided this obligation shall
not obligate the public utility to pay for damages resulting from usual wear and tear
or its ordinary use of such public places.
