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• <br /> Sec. 10.04. Power of Regulation Reserved. Subject to any applicable state <br /> law, the council may by ordinance reasonably regulate and control the exercise <br /> of any franchise, including the maximum rates, fares, or prices to be charged by <br /> the grantee. No franchise value shall be included in the valuation of the grantee's <br /> property in regulating utility rates, fares, or prices under any applicable state <br /> or municipal law, or regulation, or in proceedings for municipal acquisition of <br /> the grantee's property by purchase or eminent domain. <br /> Sec. 10.05. Renewals or Extensions. Every extension, renewal, or modification <br /> of any existing franchise, or of any franchise granted thereafter, shall be subject <br /> to the same limitations and shall be granted in the same manner as a new franchise. <br /> • <br /> -2- <br />