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Sec. 607.  Limitations on Franchises, Concessions, Permits, Licenses and Leases.
   Franchises, concessions, permits, licenses and leases shall be subject to further limitations specified in this Article for each Proprietary Department and the following:
   (a)   Length.  The term shall not exceed 30 years or the term specified by applicable federal or state law, whichever is less.  If Council makes a finding that a term longer than 30 years would be in the best interest of the City, Council may, by a two-thirds vote, subject to Mayoral veto, or three-fourths vote over the veto of the Mayor, authorize a term up to 50 years for the Airports Department and Department of Water and Power and a term up to 66 years for the Harbor Department, or the maximum period allowed by any federal or state law, whichever is less.
   (b)   Compensation Adjustments.  Every franchise, concession, permit, license, or lease shall include a procedure to adjust the compensation periodically but in no case shall the period between adjustments exceed five years.
Amended by:  Charter Amendment P § 1, approved March 7, 2017, effective April 13, 2017.