The City Council shall have the power, after due notice and hearing, to regulate by ordinance the rates and service of every public utility operating in the City of Freeport; shall have the power to employ expert advice and assistance in determining a reasonable rate and equitable profit to the public utility; and shall have the power to require within the franchise grant, or any extension, or renewal thereof, or as a condition precedent to any hearing concerning rates and service of any public utility operating within the said City, that the movant seeking the rate or service change pay the reasonable cost of the service of a rate consultant of the choice of the City Council.