No franchise shall be granted, extended or renewed except by majority vote of all members of the City Council and approval by the electors of the City. The Council may submit the question of granting extension or renewal to the electors of the City at any primary or general election or at a special election called for that purpose pursuant to the provisions for special elections in this Charter. In the event of special election, the Council shall first estimate the costs of the special election which sum shall be deposited by the applicants with the City Clerk prior to the special election.