Legal and equitable title to the cable television system, including any and all facilities and equipment provided for public, educational and governmental access, and all channels of whatever kind or nature shall be vested in the licensee. The foregoing sentence shall not be construed to preclude the lease, without more, by a licensee of the right to use electro-magnetic spectrum space from a public entity which owns such a right. (Prior code § 20.15.1400)