(A)
The right to control, easement, use and ownership of and title to the streets, highways, public thoroughfares and property of the City, its avenues, parks, bridges and all other public places and property, are hereby declared to be inalienable except by ordinance duly passed by a majority of all members of the City Council, and no grant of any franchise or lease, or right to use the same, either on, through, along, across, under or over the same, by any private corporation, association or individual shall be granted by the City Council for a longer period than thirty (30) years unless submitted to the vote of the legally qualified voters of the City; provided, however, that when any application is made for any greater grant of franchise, lease, right or privilege by any person or corporation, the Council shall submit it, at an election called for that purpose, the expense of which shall be borne by the applicant, and if the majority of the votes cast at said election shall be in favor of making the grant as applied for, said grant shall be made for a term of years as specified in the ordinance calling said election.
(B)
The City Council may, of its own motion, submit any franchise application to an election at which the people shall vote upon the proposition therein submitted, the expense of such election to be borne by the applicant.
(C)
No franchise shall ever be granted until it has been approved by a majority of the City Council, after having been read in full at two (2) regular meetings of the City Council, nor shall any such franchise, grant or privilege ever be made unless it provided for adequate compensation or consideration therefore to be paid to the City.