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In the event that a grantee or assignee of any franchise granted pursuant to this charter shall cease to carry on its operations under said franchise for a period of sixty days the City Council may, by resolution, declare said franchise to be forfeited. Such resolutions may further provide, at the option of the City Council, that all works, installations and equipment which have been placed or installed in, on or over public streets, ways, alleys or places shall become the property of the City and all right, title, and interest to said works, installations and equipment shall vest in the City of Bakersfield. (Amended November 3, 1964)