Section XVIII-5(b): Petition - Calling election - Result of election.

  (b) Whenever a petition signed by a number of qualified
electors of any municipal corporation equal to twenty-five per
centum of the total number of votes cast at the next preceding
general municipal election, demanding that a franchise be
granted, extended, or renewed, shall be filed with the chief
executive officer of said corporation, the chief executive
officer shall, within ten days thereafter, call a special
election, at which he shall submit the question of whether or not
such franchise shall be granted, extended, or renewed, and if, at
said election, a majority of the said electors voting thereon
shall vote for the grant, extension, or renewal of such
franchise, the same shall be granted by the proper authorities at
the next succeeding regular meeting of the legislative body of
the city.