§ 313. Right to renegotiate Franchise (reopener).

A.

If, after acceptance of this Ordinance, any legislation, rule, regulation, or regulatory order is enacted that significantly restructures the natural gas utility industry in a manner that affects the compensation provided to the City or paid by Grantee or rights granted to Grantee or the City, then either party, on the sixtieth month anniversary of the effective date of this franchise and every sixtieth month anniversary thereafter, may request renegotiation of the franchise by giving thirty (30) calendar days written notice to the other.

B.

Upon receipt of such notice to renegotiate, the parties shall endeavor to address the issue of a revised franchise and make reasonable efforts to resolve the issue. If after a period of six (6) months from receipt of said notice, the parties are unable to reach an agreement on a revised franchise, either party shall have the option, for a period of six (6) months thereafter, to terminate the franchise upon giving twelve (12) months advance written notice.

C.

If agreement is reached on a revised franchise between the City and Grantee, the issue of revision of the franchise shall be submitted for election by the qualified electors of the City of Tulsa in accordance with applicable laws. If a majority of the qualified electors of the City of Tulsa vote against the revision of the franchise, the franchise then in effect will continue in full force and effect until the end of the term provided for herein.

D.

An unsuccessful election held pursuant to the provisions of this Section shall not prevent either party from subsequently requesting renegotiation of the franchise under Subsection 313.A above if, after the unsuccessful election, any additional legislation, rule, regulation, or regulatory order is enacted that significantly restructures the natural gas utility industry in a manner that affects the compensation provided to the City or paid by Grantee or rights granted to Grantee or the City.

(Ord. No. 22415, § 1, 5-19-2011)