The City Council shall have the power, by ordinance, to grant, amend by mutual agreement, renew and extend, all franchises of all public utilities of every character operating within the City of Freeport, Texas. All ordinances granting, amending, renewing or extending franchises for public utilities shall not be finally passed or read for passage until the full text of the proposed ordinance has been published in the official newspaper of said City, at least one time, at least thirty (30) days prior to such ordinance being read for passage by the City Council. The expense of publishing such proposed franchise ordinance, amendment or renewal shall be borne by the proponent of such franchise. No public utility franchise shall be granted for more than fifty (50) years, nor shall such franchise be transferable except with the approval of City Council expressed by ordinance. The term “transferable,” as used herein, is not to be construed in such a manner as to prevent such utility from pledging security for valid debt or mortgage.
(Res. No. 916, Prop. 9, 4-9-73)