(A) All grants, renewals, extensions or amendments of public utility franchises, whether it be so provided in the ordinance or not, shall be subject to the right of the city as follows:
(1) To repeal the same by ordinance at any time for misuse or nonuse or failure to begin construction within the time prescribed, or otherwise to comply with the terms prescribed;
(2) To require proper and adequate extensions of plant and service, and the maintenance of the plant and fixtures at the highest practicable standard of efficiency;
(3) To establish reasonable standards of service and quality of products and prevent unjust discrimination in service or rates;
(4) To prescribe the form of the accounts and at any time to examine and audit the accounts and other records of any such utility; but if a public service commission or any other authority shall be given the power by law to prescribe the form of accounts for public utilities throughout the state, the form so prescribed shall be controlling so far as they go, but the Commission may prescribe more detailed forms for the utilities within its jurisdiction; and
(5) To impose such other regulations as may be conducive to the safety, welfare and accommodation of the public.
(B) Nothing in this chapter with reference to regulation or control of rates or service, or the extension of plant or the keeping of records and accounts, or the rendering of reports, shall apply to any public utilities, the rates or services of which are by law placed under the jurisdiction of the State Public Service Commission.
(C) Every public utility franchise hereafter granted shall be subject to all the terms and conditions of this chapter, whether or not such terms are specifically mentioned in the franchise.
(D) Nothing in this chapter shall operate to limit in any way, except as specifically stated, the discretion of the Commission or the electors of the city in imposing terms and conditions in connection with any franchise grant.
('72 Code, § 12½-3)