(a) When authorized by order of the Arkansas Public Service Commission, and not otherwise, a municipality shall have the power, subject to the provisions of this chapter, to acquire by purchase, to construct, and to operate a gas or electric public utility plant and equipment, or any part thereof, for the production, transmission, delivery, or furnishing of any public service.
(b)
(1) Any gas or electric public utility accepting or operating under any permit, license, or franchise heretofore or hereafter granted by any municipality, by acceptance of any such permit, license, or franchise, shall be deemed to have consented to a future purchase by the municipality of its distribution property located within the boundaries of the municipality which is actually used and useful for the convenience of the public:
(A) Upon the municipality's compliance with the requirements and conditions set forth in this chapter; and
(B) Upon receipt by the gas or electric public utility of the payment by payment by the municipality of the purchase price as determined in accordance with the provisions of this chapter.
(2) However, the purchase price for the gas or electric public utility property shall be no less than the just compensation and damages to which the gas or electric public utility would otherwise be entitled under the constitution of this state or that of the United States.
(c)
(1) By accepting or operating under any such permit, license, or franchise, the gas or electric public utility shall thereby be deemed to have waived the right of the necessity of the taking, to be established by the verdict of a jury, and to have waived all other procedural remedies and rights relative to condemnation, except such rights and remedies as are provided in this chapter.
(2) However, the municipality shall give the gas or electric public utility not less than ninety (90) days' written notice of its intention to make the purchase prior to taking any action to acquire those properties under this chapter.