Ohio Code § 745.03

§ 745.03.

Any public utility may surrender any existing license, permit, grant, or franchise,

and may accept in lieu thereof any indeterminate permit, and the municipal corporation

in which all or the major part of the property of such public utility is situated

may accept such surrender and grant an indeterminate permit.  At the time provided in the grant of such permit, or, if no time is provided in

such grant, then at any time after such grant, the municipal corporation may purchase

all the property of such public utility actually used and useful for the convenience

of the public, upon paying a just compensation therefor as determined or agreed upon

in accordance with sections 745.01 to 745.14, inclusive, of the Revised Code . Any such municipal corporation may purchase and operate such property, and every such

public utility shall sell such property for the compensation determined or agreed

upon in accordance with such sections.  The amount to be paid for the property may be determined by condemnation proceedings,

by proceedings before the public utilities commission, or by agreement between the

municipal corporation and the public utility.  In ascertaining the compensation to be paid by any municipal corporation for the

property of any public utility, either by condemnation proceedings or proceedings

before the public utilities commission, the compensation shall be made and awarded

only for such property of the public utility as is used and useful for the convenience

of the public, excluding therefrom the value of any franchise or right to own, operate,

or enjoy such property in excess of the amount actually paid to such municipal corporation

as the consideration for the grant of such indeterminate permit.