No franchise shall be granted, extended or renewed by the City without the approval of a majority of the qualified electors residing within its corporate limits voting thereon at a general or special election; and the Council shall submit any matter for approval or disapproval to such electors at any general municipal election, or call a special election for such purpose at any time upon thirty (30) days’ notice; and the Council shall require, before calling any such general or special election, that the estimated expense thereof (to be determined by the Council) shall be first deposited by the applicant for such franchise with the City Clerk.