The nonexclusive franchise and the rights, privileges and authority thereby granted shall take effect and be in full force from and after final passage thereof by the qualified electors at a special or general election thereof and shall continue in force and effect for a term of fifteen (15) years from said election or, in the case of a franchise renewal, from the end of the existing term. Any such franchise may be subject to formal review at the end of the fifth and tenth year of the franchise. Should grantee be found upon review to be in noncompliance with the material provisions of the franchise, grantee will be given a period of six (6) months to correct those areas of noncompliance. (Ord. 761 §5, 1995)