No franchise shall be granted, amended or renewed except by ordinance. Any such ordinance shall clearly specify the streets, alleys, public ways, places and grounds of the city, in, over, upon or under which the privilege is granted and may prescribe the manner in which such streets, alleys, ways, places and grounds shall be used and occupied and any other terms and conditions upon which the franchise is to be exercised. The commission may, by ordinance, renew any franchise at its expiration upon such terms as it may deem conducive to the public interest.