The City shall have the original jurisdiction to determine, fix, and regulate the charges, fares, and rates of any person, firm or corporation exercising, or that may hereafter exercise any right of franchise and/or public privilege (save and except for any such entity furnishing telephone or other telecommunications services) in said City, and to prescribe the kind of service to be furnished, the equipment to be used and manner in which services shall be rendered and to change such regulations from time to time; that in order to ascertain all of the facts necessary for a proper understanding of what is or should be reasonable rate of regulation, the governing authority shall have full power to inspect the books and other records of such persons, firm or corporation and compel the attendance of witnesses for such purposes; provided that in adopting such regulations and in fixing or charging such compensation, no stock or bond authorized or issued by any person, firm or corporation exercising such franchise or privilege shall be considered unless proof be made that the same have been, actually issued by such person; firm or corporation for money, or its equivalent, paid and used for the development of the property under investigation. The City may delegate its rate-making authority in all franchised public utilities within the City to the Public Utilities Commission of Texas as prescribed by State statute.