In the event that the Federal Communications Commission or the public utilities commission of the state of California, or any other federal or state body or agency now or hereafter exercises any paramount jurisdiction over the subject matter of any franchise under this chapter, then to the extent such jurisdiction by the city, the jurisdiction of the city shall, to the extent so preempted or precluded, cease and no longer exist; provided, however, that the preemption or preclusion of the exercise by the city of any of its police power shall not diminish, impair, alter, or affect any contractual benefit to the city nor any contractual obligation of the grantee under any franchise issued under this chapter; and, in this respect, any and all minimum standards governing the operation of grantee and any and all maximum rates, ratios, and charges specified in this chapter or in any franchise issued under this chapter; and, in this respect, any and all minimum standards governing the operation of grantee and any and all maximum rates, ratios, and charges specified in this chapter or in any franchise issued under this chapter, existing now and at any time in the future, including such time as any paramount jurisdiction shall preempt or preclude that of the city and any and all rights, powers, privileges and authorities of the city to determine, establish, or fix any of the same, are each and all declared by the city and by any grantee accepting any franchise under this chapter to be contractual in nature and to be for the benefit of the city and all subscribers situated therein, and the agreement of grantee to accept and conform to such standards, rates, ratios, and charges is declared by the city and by any grantee accepting any franchise under this chapter to be of the most material and essential consideration for the granting of such franchise, in the absence of which, in whole or in part, the city would not grant such franchise. (Ord. 473 §1, 2002).