Whenever moneys are to be raised and procured for public improvements by the issuance and sale of bonds, or whenever application is made to the City for a public franchise, the Mayor shall, before any action is taken relating to the issuance of such bonds, or the granting or refusing of such franchise, by and with the consent and approval of the Council, appoint seven citizens of said City who shall have been actual residents therein for five years next preceding their appointment and who have been assessed with and paid taxes on at least One Thousand Dollars worth of property therein for the year preceding their appointment, to act in conjunction with the Council, and as a part thereof, in the consideration and determination of all matters and questions pertaining to the issuance of such bonds, or the granting or refusing of such franchises. Each of said citizens shall have a vote in the Council upon all questions relating to or arising out of the matters for which they were appointed, including the awarding of contracts, expenditure of the money and auditing and approving the accounts therefor. The said citizens shall receive such compensation as the Council may prescribe, take the same oath prescribed for councilmen and shall serve until all of the work for which such money was raised and procured, is fully completed, and the accounts of expenditures thereof finally audited and approved; or until such franchise has been granted or refused.