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20 <br /> <br /> Section 10.04. Power of Regulation Reserved. Subject to any applicable state law, the <br />Council may by ordinance reasonably regulate and control the exercise of any franchise, including <br />the maximum rates, fares, or prices to be charged by the grantee. No franchise value shall be <br />included in the valuation of the grantee's property in regulating utility rates, fares, or prices under <br />any applicable state or municipal law, or regulation, or in proceedings for municipal acquisition of <br />the grantee's property by purchase or eminent domain. <br /> <br /> Section 10.05. Renewals or Extensions. Every extension, renewal, or modification of any <br />existing franchise, or of any franchise granted thereafter, shall be subject to the same limitations and <br />shall be granted in the same manner as a new franchise. <br /> <br /> <br />CHAPTER 11 <br /> <br />PUBLIC OWNERSHIP AND OPERATION OF UTILITIES <br /> <br /> Section 11.01. Acquisition and Operation of Utilities. The City may own and operate any <br />gas, water, heat, power, light, telephone or other public utility for supplying its own needs for utility <br />service, or for supplying utility service to private consumers or both. It may construct all facilities <br />reasonably needed for that purpose, and may acquire any existing utility properties so needed; but <br />such action may only be taken by ordinance, which shall not be an emergency ordinance. The <br />operation of all public utilities owned by the City shall be under the supervision of the City Council. <br /> <br /> Section 11.02. Rates and Finances. The Council may by ordinance fix rates, fares and <br />prices for municipal utilities, but such rates, fares and prices shall be just and reasonable. The <br />Council shall endeavor to make each municipal utility financially self-sustaining. Before any rates, <br />fares or prices for municipal utilities shall be fixed by the Council, the Council shall hold a public <br />hearing on the matter in accordance with Section 11.06 of this chapter. The Council shall prescribe <br />the time and the manner in which payments for all such utility services shall be made, and may <br />make such other regulations as may be necessary, and the penalties for violations of such <br />regulations. <br /> <br /> Section 11.03. Purchase in Bulk. The Council may in lieu of providing for the local <br />production of gas, electric, water and other utilities, purchase the same in bulk and resell them to <br />local consumers at such rates as it may fix. Before such rates are fixed by the Council, the Council <br />shall hold a public hearing on the matter in accordance with Section 11.06 of this chapter. <br /> <br /> Section 11.04. Lease of Plant. The Council may, if the public interest will be served <br />thereby, contract with any responsible person, co-partnership or corporation for the operation of any <br />utility owned by the City upon such rentals and conditions as it may deem necessary; but such <br />contract shall not be an emergency ordinance. In no case shall such contract be for a longer term <br />than ten years. <br /> <br /> Section 11.05. Public Utility, How Sold. No public utility owned by the City shall be sold <br />or otherwise disposed of by the City unless the full terms of the proposition of said sale or other <br />disposition thereof, together with the price to be paid therefor, shall be embodied in an ordinance <br />approved by a majority of the registered voters voting thereon at a general or special election. <br />Before such ordinance is submitted to a vote, the Council shall hold a public hearing on the matter <br />in accordance with Section 11.06 of this chapter. <br />