{"data":{"id":"us-ky/krs-96.580","jurisdiction":"us-ky","citation":"KRS 96.580","heading":"Proceedings to agree upon sale price of existing plant required before","body":"condemnation or construction of competing plant.\n(1) Before a board or municipality may condemn an existing electric plant under the\nprovisions of KRS 96.550 to 96.900 the board sha ll notify the owner of the existing\nelectric plant, hereinafter referred to as the owner, in writing of its desire to\npurchase the plant or that portion thereof located or situated within said\nmunicipality and of its desire to enter into an agreement as to  the value thereof. If\nno fair and reasonable price and terms of purchase and sale shall be agreed upon\nbetween the board and the owner within sixty (60) days after the aforesaid notice\nhas been given the owner, and if either party desires that further efforts to determine\na fair price and terms of purchase and sale be made, a board of appraisers consisting\nof two (2) members shall be appointed, one (1) by the board and the other by the\nowner. Such appointments shall be made within thirty (30) days after th e expiration\nof the time given the board and the owner to agree upon the value of the existing\nelectric plant, or that part thereof which the board desires to purchase. Should the\ntwo (2) members of the board of appraisers be unable to agree within thirty (30)\ndays after their appointment upon a fair and reasonable price, a third member of the\nboard of appraisers shall be selected by them. In the event the two (2) appraisers\ncannot agree upon the third member of the board of appraisers, then upon\napplication of either the board or the owner, the Governor of the Commonwealth\nshall name the third appraiser. The board of appraisers shall consult with the state\nPublic Service Commission in its efforts to arrive at a fair price for the electric\nplant, and the state Public Service Commission shall make available to the board of\nappraisers its facilities and any information in its possession bearing on the value of\nthe electric plant. It shall be the duty of the board of appraisers to make a survey of,\nappraise and submit to the board and the owner in writing, its valuation of the\nelectric plant. The board shall file its written report within six (6) months from the\ndate of the appointment of the first two (2) members. The value fixed by two (2) of\nthe three (3) members of the board of appraisers shall be the finding of the board. In\nthe event two (2) of the three (3) members cannot agree within six (6) months after\nthe appointment of the first two (2) members, the entire first board, unless given\nfurther time by agre ement between the board and the owner, shall be discharged,\nand a second board, if desired by both the board and the owner, may be appointed as\nprovided herein, which shall make its final report within six (6) months after the\nappointment of the first two (2) members thereof. The board shall pay all\ncompensation to the member appointed by it, and the owner shall pay all\ncompensation to the member appointed by it, and the board and the owner shall\neach pay one -half (1/2) of the compensation due the third mem ber and one -half\n(1/2) of all other costs incurred in connection with the work of the board of\nappraisers. These costs may be included as a part of the purchase price agreed upon.\nNeither the board nor the owner shall be required to accept the report of th e board\nof appraisers. If the owner fails or refuses to appoint an appraiser or appraisers as\nand within the time limits hereinabove provided, the board may proceed to exercise\nall of the powers granted by KRS 96.550 to 96.900 without waiting for the\nexpiration of all or any part of the time authorized for making the appraisal herein\nprovided for.\n(2) After the board has complied with the provisions of this section, it may proceed in\nthe manner and subject to the terms and conditions in KRS 96.590 to 96.900\nprovided to (a) enter into a contract with the owner for the purchase from the owner\nof the electric plant; or (b) institute condemnation proceedings and acquire the\nelectric plant by the exercise of the powers of eminent domain. The governing\nauthority o f the municipality shall determine which of the courses hereinabove\nauthorized shall be followed by the board.","path":["KRS Chapter 96"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26264","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:58Z","sha256":"9e338b001af4b0a1cbbfa6c9e878b860afb11b248521e3cf1f6bf5eb6892a1cd","source_id":"us-ky","stale":false,"prev":"us-ky/krs-96.570","next":"us-ky/krs-96.590"},"notice":"GroundRules: Original legal text. Not legal advice."}