The Board of Aldermen may exercise the power set forth in subsection 23 of chapter 3 of this charter by the grant of public franchise. All such grants shall be granted upon such terms and conditions as are just and reasonable, including any sum or sums of money to be paid therefore. The Board of Aldermen may prohibit exercise of any franchise grant until such time as the terms and conditions of said grant have been complied with. This act shall not be construed to repeal or take away any of the rights and franchises now being exercised by corporations, or persons now conducting business in the City, or to repeal any rights previously granted by the City of Rutland, the general laws of this State, or any special acts of the State Legislature. However, no special franchise shall be granted by said Board of Aldermen for a longer period than 35 years, and no special franchise shall take effect until it has been submitted to the legal voters of the City at a regular or special City election and has received a majority of the votes cast upon the questions.