No such franchise shall ever be granted until the ordinance granting the same has been read in full at three regular meetings of the Board of Commissioners, nor shall any such franchise, grant, right or easement ever be made to any private individual, corporation, or association unless it provides for adequate compensation or consideration therefor to be paid to the City of Burkburnett, and in addition to any other form of compensation, grantee shall pay annually such fixed charge as may be prescribed in the franchise.
(Adopted May 8, 1923)