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I <br /> I <br /> I <br /> I <br /> I <br />, I <br /> I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br /> Section 10.04. Power of Regulation Reserved. Subject to any applicable state <br />law, the council may by ordinance reasonably regulate and control the exercise of <br />any franchise, including the maximum rates, fares, or prices to be charged by the <br />grantee. No franchise value shall be included in ~he valuation of the grantee's <br />property in regulating utility rates, fares, or prices under any applicable state <br />or municipal law, or regulation, or in proceedings for municipal aquisition of the <br />grantee's property by purchase or eminent domain. <br /> <br /> Section 10.05. Renewals or Extensions. Every extension, renewal, or modification <br />of any existing franchise, or of any franchise granted thereafter, shall be subject <br />to the same limitations and shall be granted in the same manner as a new franchise. <br /> <br />pg. 10-2/2 <br /> <br /> <br />