The grantee of any franchise granted by the city council shall not sell, transfer or assign any franchise or any of the rights or privileges granted thereby except by a duly executed instrument in writing; provided, however, that no such sale, transfer or assignment may be made without the consent of the city council thereto, except that no provision of any franchise shall require any such consent and no consent shall be required for any transfer by the grantee in trust or by way of mortgage or hypothecation covering all and any part of the grantee’s property, which transfer, mortgage or hypothecation shall be for the purpose of securing an indebtedness of grantee or for the purpose of renewing, extending, refunding, retiring, paying or cancelling in whole or in part any such indebtedness at any time or from time to time. (Ord. 281 § 1, 1968)