SECTION 10.04.  RIGHT OF REGULATION.
   All grants, removals, extensions, or amendments of public utility franchise, whether it be so provided in the ordinance or not, shall be subject to the right of the City Council of the City of Freeport:
   (a)   To repeal the same by ordinance, after thirty (30) days' advance notice (during which time the grantee shall have the opportunity to correct any default), and hearing, upon the failure of grantee to comply with the ordinances, franchise and Charter of the City of Freeport; and from which decision of the City Council, the grantee shall have the right of appeal to the Courts of this State;
   (b)   To require proper and adequate extension of plant and service, and the maintenance of the plant and fixtures at the highest reasonable standard of efficiency;
   (c)   To establish reasonable standards of service and quality of products and prevent unjust discrimination in service or rates;
   (d)   To examine and audit at any time during regular business hours the accounts and other records of any such utility which are relevant to the City's right of regulation, and to require annual and other reports, including reports on operation within the City of Freeport;
   (e)   To impose such reasonable regulations and restrictions as may be deemed desirable or conducive to the safety, welfare, and accommodation of the public;
   (f)   To require such compensation and rental as may be permitted by the laws of the State of Texas.