Every public utility franchise shall be subject to the right of the city to use, control and regulate the use of its streets, alleys, bridges, and public places and the space above and beneath them. Every public utility shall pay such part of the cost of improvement or maintenance of streets, alleys, bridges, and public places, as shall arise from its use thereof and shall protect and save the city harmless from all damages arising from said use and may be required by the city to permit joint use of its property and appurtenances located in the streets, alleys, and public places of the city by the city and other utilities insofar as such joint use may be reasonably practicable and upon payment of a reasonable rental therefor; provided, that, in the absence of agreement, upon application by any public utility, the council shall provide for arbitration of the terms and conditions of such joint use and the compensation to be paid therefor, which award shall be final.