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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 Municipality. It may prescribe in the ordinance, the kind and quality of the 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. No such grant shall be made for a longer period than twenty-five years (25 yrs.). No measure making a grant, renewal or extension of a franchise or other special privilege, or regulating a rate to be charged for its service by any public utility, shall ever be passed as an emergency measure.