The City Commission creates the right, privilege, and franchise to construct, operate, and maintain a community antennae television system in the streets of the city, subject to the conditions and restrictions as hereinafter provided; and that right, privilege, and franchise shall be offered to potential applicants and granted by the City Commission to the applicant presenting the best legal, character, financial, technical, and other qualifications, and whose construction plans and arrangements can be shown to be both feasible and adequate to meet the minimum requirements established. The franchise shall run for a period of 15 years commencing on the date the franchise is awarded at the end of which time it may be renewed subject to the approval of the City Commission and the provisions of the constitution and the statutes of the Commonwealth of Kentucky governing term and sale of franchises then in force and effect. Any such franchise shall designate and be conditioned upon the acceptance by a franchisee of all terms of this chapter and any amendments properly made thereto.
('81 Code, § 450.1, § 2)