Where permitted by law or regulation, all public utility franchises shall, after a public hearing, make provision for fixing rates, fares, and charges and for readjustments of them at periodic intervals of not more than five (5) years or less that one (1) year, either by arbitration upon terms to be specifically set forth in the franchise, or by any state agency, or at the election of the City. The value of the property of the utility used as a basis for fixing such rates, fares, and charges shall never include a value predicated upon the franchise, goodwill, or prospective profits.