Every ordinance granting any franchise shall further provide that upon the payment by the city of the physical valuation in the manner provided in said ordinance making such grant, the plant and property operated under said franchise in its entirety shall become the property of the city by virtue of the grant in payment thereunder, and without the execution of any instrument or conveyance. Or in case it is provided in the ordinance granting any franchise that the property and plant operated under said franchise in its entirety, shall, at the expiration of the period for which it was granted, become the property of the city without any compensation to the owner of the franchise, the property and plant operated under said franchise in its entirety shall then become the property of the city by virtue of the grant and without the execution of any instrument or conveyance.