No franchise, license, right, or privilege which is not revocable at the will of the Council shall be granted or become operative until the same has been referred to the people at a regular or special election and has received the approval of three-fifths of the electors voting thereon at such election. All irrevocable public utility franchises and all renewals, extensions, and amendments thereof shall be granted only by ordinance. No such ordinance shall be adopted before thirty days after application therefor has been filed with the Council, nor until a full public hearing has been held thereon. No such ordinance shall be submitted to the electors at an election to be held less than thirty days after the grantee named therein has filed with the Clerk 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 Council, shall have been paid to the Treasurer by the grantee. No exclusive franchise, license, right, or privilege shall ever be granted and no franchise shall be granted for a longer term than thirty years.