(a) Whenever the Arkansas Public Service Commission has been notified by either party that a municipality has, pursuant to law, decided to purchase a plant property or facilities of a public utility and that the parties to the purchase and sale have been unable to agree on just compensation to be paid and to be received, or any other terms and conditions of the sale, the commission shall thereupon proceed to set a time and place for a public hearing after thirty (30) days' notice to the utility and municipality upon the matters of the just compensation to be paid for the taking of the property of the public utility actually used and useful for the convenience of the public, and damages, if any, caused by the severance of the property purchased or to be purchased by the municipality, and of all other terms and conditions of the purchase and sale.
(b)
(1) Within a reasonable time after the time fixed for the hearings and notice, the commission shall by order fix, determine, and certify to the municipal council, to the public utility, and to any bondholders, mortgagees, and lienors of the utility appearing upon the hearing, the just compensation, and damages, if any, to be paid for the taking and severance of the property of the public utility used and useful for the convenience of the public, and all other terms and all conditions of sale and purchase which it shall ascertain to be reasonable, which terms and conditions shall constitute a compensation and damages, and terms and conditions, to be paid.
(2) Upon the filing of the order by the commission with the clerk of the municipality, the municipality shall thereupon be obligated to make the payments and otherwise comply with the terms and conditions of the order in order to consummate the purchase.
(c) Upon the consummation of the purchase, the public utility shall execute an instrument conveying the property purchased and so paid for.