Every public utility franchise shall be subject to the right of the City to use, control, and regulate the use of its streets, alleys, bridges, and public places and the space above and beneath them. Every public utility shall pay the part of the cost of improvement or maintenance of streets, alleys, bridges, watercourses, and public places as shall arise from their use, and every public utility shall protect, defend, and save the City harmless from all damages arising from use of the utility. Every public utility may be required by the City to permit joint use of its property and appurtenances located in the streets, alleys, and public places of the City by the City and other utilities in so far as this joint use may be reasonably practicable and upon payment of reasonable rental for the use. When an application is made by any public utility for joint use and full agreement on terms and conditions cannot be reached, the Council shall provide for arbitration of the terms and conditions of this joint use and the compensation to be paid for it, and the award shall be final.