All rights granted for the construction and operation of public utilities in the Municipality shall be subject to the continuing right of Council to require such reconstruction, relocation, change or discontinuance of the appliances used by the utility in the streets, alleys, avenues and public grounds of the Municipality as shall, in the opinion of Council, be necessary in the public interest.
   In ordering any such reconstruction, relocation, change or discontinuance, Council shall, by ordinance, provide for such alterations in the rates for service and in the terms upon which purchase is authorized to be made by the Municipality as shall be necessary or equitable to protect the owner of the utility against loss of property value.