Council may, by ordinance, grant a non-exclusive franchise to any person, firm, or corporation to construct, maintain, or operate a public utility on, across, under, or above any public street or public real estate within the Municipality for a period not in excess of twenty-five (25) years. It may prescribe in the ordinance the kind or quality of service or product to be furnished, the rate or rates to be charged therefor, and such other terms as it may deem conducive to the public interest.
In the case of any public utility, excepting a telephone or telegraph company, there is reserved to Council the right, privilege, and authority to approve all rates, charges, or tolls for services. No rate schedule shall be agreed to, or shall be effective, for a period longer than five (5) years.
Such franchise may be amended or renewed in the manner and subject to the provisions established herein for original grants.
Consent of the owner of property abutting on any public street or public real estate shall not be necessary to the effectiveness of any such grant, amendment, or renewal.