The Council may by ordinance or resolution grant a franchise to any person, firm, or corporation to construct or operate a public utility on, across, over or above any public street or real estate within the Municipality for a period not to exceed twenty-five (25) years or the life of any bonds, notes, or other debt obligations where the franchise is part of the plan of financing and bonds, notes, or other debt obligations are utilized. Council may prescribe in the ordinance the kind or quality of service or product to be furnished, the rate or rates to be charged therefore, and such other terms as it shall deem conducive to the public interest. Such franchises may be amended or renewed in the manner and subject to the provisions established herein for original grants. No consent of the owner of property abutting on any public street or real estate shall be necessary to the effectiveness of any such grant, amendment, or renewal. All such grants, amendments, and renewals shall be made subject to the continuing right of the Council to provide reasonable regulations for the operation of such utilities with reference to such streets and public real estate, including the right to require such reconstruction, relocation, alteration, or removal of structures and equipment used in such streets or public grounds as shall, in the opinion of the Council, be necessary in the public interest. (Amended 11-8-94)