A. The right, privilege and franchise under this chapter and the system facilities shall not be assigned or transferred either in whole or in part or leased, sublet, pledged or mortgaged in any manner, nor shall title hereto either legal or equitable, or any right, interest or property therein, pass to or vest in any person either by the act of the company or by operation of law without the prior express approval of the municipality. The granting, giving or waiving of any one or more of such approvals shall not render unnecessary any subsequent approvals. The municipality shall not unreasonably withhold such approval and may require reasonable conditions in connection with such assignment or transfer.
B. The consent or approval of the municipality to any such assignment, lease, transfer, sublease, pledge or mortgage shall not constitute a waiver or release of the rights of the municipality in and to public rights of way.
C. Nothing in this section shall prohibit a mortgage or pledge of system facilities or any part thereof or a leasing by the company of system facilities or part thereof for financing purposes in connection with construction of the system. Any such mortgage, pledge or lease shall be subject and subordinate to the rights of the municipality and subscribers under this chapter. (Ord. 1000, 4-8-1985)