No public utility owned by the City shall be sold or otherwise disposed of by the City unless the full terms of the proposition of said sale or other disposition thereof, together with the price to be paid therefore, shall be embodied in an ordinance approved by the majority of the voters voting thereon at a general or special election. Before such ordinance is submitted to a vote, the council shall hold a public hearing on the matter in accordance with Section 11.06 of this Chapter.