Section 758.240 - Contract with utility for conversion(1) When a public authority in accordance with ORS 758.230 determines that a conversion shall be made, it may contract with the utilities supplying electric or communication service within the underground assessment district to perform the conversion. A contract shall provide: (a) A description of the electric and communication facilities to be converted;(b) That plans and specifications for such conversion shall be supplied or approved by the affected utility;(c) The time and manner in which underground electric and communication facilities will be installed and overhead electric and communication facilities will be removed;(d) The estimated cost of converting overhead facilities located on public lands and right of way to underground facilities;(e) The estimated cost of converting related utility service facilities located on privately owned lots and parcels;(f) The time and manner of making payments and the source of funds for such payments; and(g) That upon completion of the work of conversion, the utility performing the conversion shall have legal title to the electric or communication facilities, which shall thereafter constitute a part of a system of the utility and be used, operated, maintained and managed by it as part of its system.(2) Upon approval and execution of the conversion contracts by the utilities and public authority, the public authority shall direct the utilities owning overhead electric or communication facilities within the district to convert such facilities as required by the contract.