1.  If, on June 4, 2007, an incumbent cable operator is providing video service within a service area pursuant to a local franchise, the incumbent cable operator may elect to:

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(a) Continue to operate within that service area pursuant to the local franchise in accordance with NRS 711.490; or

(b) Terminate the local franchise within that service area by applying for and obtaining a certificate of authority pursuant to this section.

2.  To elect to terminate a local franchise within a service area, an incumbent cable operator must, not later than 6 months after June 4, 2007, apply for a certificate of authority for that service area in the same manner as any other video service provider. If the incumbent cable operator makes such an election and obtains a certificate of authority for that service area:

(a) The local franchise for that service area is deemed to be terminated by operation of law on the date on which the Secretary of State issues the certificate of authority;

(b) Not later than 3 business days after the date on which the Secretary of State issues the certificate of authority, the incumbent cable operator shall file with the clerk of the local government which granted the franchise a written declaration that the incumbent cable operator has obtained a certificate of authority and that the local franchise for that service area has been terminated by operation of law; and

(c) The incumbent cable operator shall operate within that service area thereafter subject only to the same requirements that apply to any other holder of a certificate.