§ 4. Ordinance granting franchise.

Every ordinance granting, renewing, extending or amending a public utility franchise shall be read at three (3) regular meetings of the council, and shall not be finally acted upon until thirty (30) days after the first reading thereof. Within five (5) days following each of the three (3) readings of the ordinance, the full text thereof shall be published one (1) time in some newspaper of general circulation in the city, and the expense of such publication shall be borne by the prospective franchise holder. No such ordinance shall become effective until the expiration of thirty (30) days following the date of its final adoption by the council, and every such ordinance shall be subject to the referendum procedure provided by state law and by this charter.