The Council may, by ordinance, grant permission to any individual, company or corporation to construct and operate a public utility in the streets and public grounds of the City but not for a period exceeding twenty years. It may prescribe in the ordinance the kind and quality of service or the product to be furnished, the rate or rates to be charged therefor, and any terms and conditions conducive to the public interest; and also the manner in which the streets and public grounds shall be used and occupied. And no franchise shall be considered an emergency measure and shall be subject to referendum as hereinbefore provided.