No franchise granted pursuant to the provisions hereof shall become effective unless and until the ordinance granting the same has become effective. Within 30 days after the effective date of said ordinance, or within such extended period of time as the Council in its discretion may authorize, a franchisee shall file with the City Manager its written acceptance of the franchise, in a form satisfactory to the City Attorney, together with the bonds, insurance policies, and any other security required by this title. No right-of-way use permit or facilities lease granted pursuant to the provisions hereof shall become effective unless and until the grantee has complied with the provisions of PMC 15.20.030 and submitted the bonds, insurance policies, and any other security required by this title. [Ord. 3287 § 1, 1998; Code 1970 § 15.70.050.]