A franchise permitting the use of the streets, alleys, bridges, easements, and other public places of the City in the furnishing of a public-utility service to the City and its inhabitants may be granted to a person, extended, renewed, or amended only by a non-emergency ordinance passed by the Council, accepted as provided hereinbelow by the person to whom the franchise is granted, and approved at an election by a majority of the qualified voters voting on the question. After introduction, a copy of the ordinance in its final form must be in the office of the City Clerk and subject to the public inspection for at least one month before it is passed. Before passage, the Council shall hold a public hearing thereon, a notice of which must have been published at least one week prior to the hearing. Within two (2) weeks after passage, the grantee must file with the City Clerk the grantee’s unconditional acceptance of all terms of the franchise, extension, renewal, or amendment; and if a special election is to be held for the purpose of voting thereon, must pay to the Department of Finance of the City an amount of money estimated by the City Clerk to be adequate to pay all expenses of holding such election. If any balance remains after all such expenses have been paid, it shall be repaid to the grantee.