The council shall, by resolution, at the time of authorizing issuance of a certificate to the owner of a bus company, specify and determine a period during which such certificate is to be effective. The council resolution so authorizing a bus line certificate, the certificate itself and this chapter shall be deemed to constitute an offer to the owner of such bus line, who, by commencing operations pursuant thereto, shall be deemed to have accepted the same and all the terms and conditions of such offer. Such offer and the acceptance by the owner thereof shall be deemed to be a contract subject to the terms of Sections 14.08.120, 14.12.100, 14.12.110, 14.16.080, 14.16.090, 14.24.090, 14.24.100, 14.24.110, 14.24.130, 14.28.130, 14.28.140, 14.28.150 and 14.28.210, and all other terms of this chapter for the period specified, between the owner and the city and shall be subject to the rules of law pertaining to contracts; provided, that nothing in this chapter shall be understood or construed to be exclusive in the rights and privileges granted pursuant to its terms, except that it is the policy of the city that no certificate for the operation of a bus line shall be granted upon competitive routes, where the existing owners have satisfactorily complied with their contracts. (Ord. 73 NCS §20; prior code §24.47.)