§ 10.02. Franchises; Power of Council.

The council shall have power to grant, amend, renew or extend by ordinance all franchises of all public utilities of every character of operating within the City of Terrell, and for such purposes is granted full power. All ordinances granting, amending, renewing or extending franchises for public utilities shall be read at two (2) separate regular meetings of the council and shall not be finally passed until thirty (30) days after the first reading; and no such ordinance shall take effect until sixty (60) days after its final passage; and pending such time, the full text of such ordinance shall be published once each week for four (4) consecutive weeks in the official newspaper of the City of Terrell, and the expense of such publication shall be borne by the proponent of the franchise. No public utility franchise shall be transferable except to persons, firms, or corporations taking all or substantially all of the holder's business in the City of Terrell and except with the approval of the council expressed by ordinance. No franchise shall be granted for an indeterminate term nor for a term of more than twenty-five (25) years. No exclusive franchise shall ever be granted.