The City Council shall have the power by ordinance, after notice
to the utility and hearing before the Council, to fix and regulate
charges, fares, or rates of compensation to be charged by any person,
firm, or corporation enjoying a franchise in the City, or engaged
in furnishing a public utility service in the City, including cable
television and shall in determining, finding, and regulating such
charges, fares, or rates of compensation, base the same upon the fair
value of the property of such person, firm, or corporation devoted
to furnishing service to such City or the inhabitants thereof. The
City Council may prescribe the character, quality, and efficiency
of service to be rendered, and shall have the power to regulate and
require the extension of adequate lines or service of such public
utility within such City by such person, firm, or corporation, taking
into consideration the cost to the utility, and from time to time
may alter or change such rules, regulations, and compensation, provided
that, in adopting such regulations and in fixing or changing such
compensation, or determining the reasonableness thereof, no stock
or bonds authorized or issued by any corporation enjoying such franchise
shall be considered unless on proof that the same have been actually
issued by the corporation for money paid and used for the development
of the corporate property, labor done or property actually received
in accordance with the laws and Constitution of this State applicable
thereto. In order to ascertain all facts necessary for a proper understanding
of what is or should be a reasonable rate of regulation, the City
Council shall have full power to inspect the books of any such utility
serving the inhabitants of the City and compel production of records
and the attendance of witnesses for such purpose.