(1) The Town shall have the power to grant a franchise to any private or public enterprise for the use of streets and other public places in the furnishing of any public utility or other service to the Town and to its inhabitants. All franchises and any renewals, extensions and amendments thereto shall be granted only by ordinance. No such franchise shall be granted for a term exceeding thirty (30) years.
(2) The Town shall have the right to enter into a franchise agreement with another government entity, whereby the Town contracts to provide water, sewer, or other public utility service to such other government entity. All such franchise agreements and any renewals, extensions and amendments thereto shall be granted only by ordinance.