(A) Before any franchise ordinance passed by the City Council granting to or vesting in any corporation, partnership or individual the right to furnish to the city, or its citizens or inhabitants, or granting to such corporation, partnership or individual the right to use the streets, alleys and other public places of the city for the purpose of furnishing to the city, or its citizens or inhabitants or any of them, any gas, water, electricity, heat, ice, traction service or other public utility shall become effective, said ordinance shall be posted for a period of not less than ten days in at least four public places in the city and published at least once each week for two successive weeks in a newspaper published in the city; provided, that if no petition shall be presented to the Council as hereinafter provided, within 21 days after the franchise is so posted and published then the ordinance shall be in full force and effect.
(B) If, within 21 days after the first publication of the ordinance, a petition shall be filed with the City Clerk, signed by not less than 5% of the number of voters voting at the last general election in the city asking that the question of granting a franchise be submitted to a vote, it shall be the duty of the Council to submit the question to a vote at the next general election or to call a special election in manner provided by law for the calling of special elections, to vote upon such question, and if it appears that a majority of the voters voting upon such question at such election vote in favor of granting the franchise, then the franchise ordinance shall be in full force and effect, but if a majority of such votes are against the proposition, the franchise ordinance shall be null and void, and of no effect.
('68 Code, § 2.13)