Limited only by the Constitution and the laws of the State of Arizona, the power to regulate the rates, fares and charges for public utility corporations is hereby reserved to the people, to be exercised by them in ordinance of the mayor and council, or in the manner herein provided for initiating and referring an ordinance.
Any right or regulation shall further include the right to require the uniform, convenient and adequate service to the public, and reasonable extensions of such service and of such public utility works.