The Council in addition to all other rights and powers granted to it under the general law, may, by ordinance grant permission to any person, firm or corporation to construct and operate a public utility on, across, under, or above any public street or ground within this municipality. It may prescribe in the ordinance the kind and quality of service or product to be furnished, the rate or rates to be charged therefor, and any other terms conducive to the public interest.  Such grant, amendment or renewal shall be for such period of time as the Council may determine, but it shall not be perpetual or exclusive.
   No consent of the owner of property abutting on any public street or ground shall be necessary to the effectiveness of any such grant, amendment, or renewal. All such grants, amendments or renewals shall be made subject to the continuing right of the Council to provide reasonable regulations for adequacy of service and maintenance and the operation of such utilities with reference to such streets and public grounds, including the right to require such reconstruction, relocation or discontinuance of appliances, plant or equipment used in such streets or public grounds as shall in the opinion of the Council, be necessary in the public interest.