(a) No franchise or grant which is not revocable at the will of the City Council shall be granted or become operative until the same shall have been referred to the people at a regular or special election and has received the approval of three-fifths (3/5) of the electors voting thereon at such election.
(b) All irrevocable public utility franchises and all renewals, extensions, and amendments thereof shall be granted only by ordinance.
(c) No such ordinance shall be adopted before thirty (30) days after application has been filed with the City Council, nor until a full public hearing has been held on the application.
(d) No such ordinance shall be submitted to the electors at an election to be held less than thirty (30) days after the grantee named therein has filed with the City Clerk-Treasurer its unconditional acceptance of all of the terms of such franchise, and it shall not be submitted to a special election unless the expense of holding the election, as determined by the City Council, shall have been paid to the City Clerk-Treasurer by the grantee.
(e) No exclusive franchise shall ever be granted, and no franchise shall be granted for a longer term than thirty (30) years. No franchise shall be transferable, directly or indirectly, except with the approval of the City Council expressed by ordinance.