Any municipality that has annexed territory subsequent to July 1, 1975, and that did not elect to purchase the facilities in such territory pursuant to the provisions of §§ 49-34A-49 to 49-34A-52, inclusive, may, within two years from July 1, 1992, elect to purchase the facilities in such annexed territory subject to the provisions of §§ 49-34A-49 and 49-34A-50, except that gross revenues received shall be determined by applying the rate in effect by the purchasing municipality at the time of purchase. Any municipality which chooses not to purchase such facilities within the two–year period is precluded from thereafter purchasing such facilities, except pursuant to the provisions of § 49-34A-55.

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Source: SL 1992, ch 330, § 3.