If after the issuance of a sheriff’s deed as provided in section 40-34-09, it shall be made to appear to the public service commission that it is in the public interest that such utility and    improvement be continued in operation, such commission may grant a franchise to the owners of such utility and improvement to engage in such business and to operate such improvement and utility. Such franchise may:

1.    Authorize such owner or owners to charge each person, firm, corporation, or limited liability company owning property from which sewage or garbage is received such fee therefor as may be determined to be reasonable by such commission upon proper application and after notice to the municipality affected and a hearing upon such application; 2. Grant to such owner or owners, under such reasonable rules, regulations, and supervision as may be established by such commission, the right and privilege to lay all intercepting and other sewers and connecting pipes in the public streets and alleys of the municipality or municipalities as may be necessary to receive and conduct the sewage to the disposal plant; and

3.    Provide for an accounting from time to time of the gross revenues of the utility or improvement and the application of the net revenues as determined by such commission upon the original secured indebtedness to the end that the holder of such franchise will use the net revenues as determined by such commission to discharge the original secured debt, together with all interest, costs, and other charges which the commission shall determine shall be paid.