§ 3. Power of taxation over public service corporation.

All grants and renewals of franchises and privileges shall reserve to the City the right to terminate the same and to purchase all the property of the utility in the streets, avenues, alleys and public places in the City and elsewhere as may be provided in the franchise making the grant or renewal, used in or useful for the operation of the utility, at such prices as may be agreed upon between the owner and the City and in the event of disagreement the same may at the option of the City be submitted to arbitration under the arbitration laws of the State of Oklahoma; or in the event no arbitration agreement can be reached, then the City may obtain such property by condemnation under the eminent domain laws of the State of Oklahoma.