If the issuance of a bus line certificate is approved, the council shall determine the terms and conditions upon which the certificate is to be issued, including the stops, routes and schedules, the rates which the bus line shall be authorized to charge, the amount of compensation which shall be paid to the city for the privilege of operating, and the period of time for which the certificate is issued. Such terms and conditions shall be embodied in a resolution passed by the council at the time it authorizes issuance of the certificate. (Ord. 73 NCS §5; prior code §24.46.)