A franchise granted by the City under the provisions of this chapter shall:
A. Permit the franchisee to engage in a service, facility, or system within the franchise area;
B. Permit the franchisee to erect, install, construct, repair, reconstruct, replace, and retain service, facility, or system improvements in, on, over, under, upon, along, or across rights-of-way within the City; and
C. Set forth the obligations of the franchisee under the franchise.