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Before granting any franchise, the City Council shall pass a resolution declaring its intention to grant the same, stating the name of the proposed grantee, the character of the franchise and the terms and conditions upon which it is proposed to be granted. Such resolution shall fix and set forth the day, hour and place when and where any persons having any interest therein or any objection to the granting thereof may appear before the City Council and be heard thereon. It shall direct the City Clerk to publish said resolution at least once, within fifteen days of the passage thereof, in the official newspaper. Said notice shall be published at least ten days prior to the date of hearing.

At the time set for the hearing, the City Council shall proceed to hear and pass upon all protests and modify the proposed terms and conditions, if desired, and its decision thereon shall be final and conclusive. Thereafter, it may grant or deny the franchise on the terms and conditions specified in the resolution of intention to grant the same, or as modified, subject to the right of referendum of the people.