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SEC. 10.03 PUBLIC HEARING.
   Before any franchise ordinance is adopted or any rates, fares, or prices to be charged by a public utility are fixed by the council, the council shall hold a public hearing on the matter. Notice of such hearing shall be published at least once in the official publication not less than ten (10) days prior to the date of the hearing.
SEC. 10.04 POWER OF REGULATION RESERVED.
   Subject to law the council may by ordinance reasonably regulate and control the exercise of any franchise, including the maximum rates, fares, or prices to be charged by the grantee. No franchise value shall be included in the valuation of the grantee’s property in regulating utility rates, fares, or prices under any applicable law, ordinance, or regulation or in proceedings for municipal acquisition of the grantee’s property by purchase or eminent domain.
SEC. 10.05 RENEWALS OF EXTENSIONS.
   Every extension, renewal or modification of any existing franchise or of any franchise granted hereafter shall be subject to the same limitations and shall be granted in the same manner as a new franchise.