All grants, renewals, extensions or amendments of public utility franchises shall be subject to the right of the City to:
(1) Repeal the same by ordinance at any time for failure to begin construction or operation within the time prescribed or for failure otherwise to comply with the terms of the franchise, such power to be exercised only after due notice and hearing;
(2) Require an adequate and reasonable extension of plant and service and the maintenance of plant and fixtures at a standard by which to render the highest reasonable quality of service to the public;
(3) Establish reasonable standards and quality of service and prevent unjust discrimination in service and/or rates;
(4) Prescribe, for each franchisee, the form of accounts to be kept or, alternately, require that the system of accounts conform to that required by the appropriate state and/or federal regulatory agencies;
(5) Impose such reasonable regulations and restrictions as may be deemed desirable or conducive to the safety, welfare and accommodation of the public;
(6) Require franchisees to furnish the City, without cost to the City, full information regarding the location and precise description of all facilities of the franchisees in, over or under the City, and to regulate and control the location, relocation and removal of such facilities;
(7) Examine and audit at any time during normal business hours the accounts and records of the franchisee;
(8) Require compensation and rental fees, except as limited by state law.