Section 378. Transition

a.  All  franchises,  revocable  consents  and
  concessions granted prior to the effective date of  this  section  shall
  remain in full force and effect for the terms which they were granted.
    b. Not later than the first day of March, nineteen hundred ninety, the
  mayor shall designate a single agency as the responsible agency for each
  type  of  franchise  currently  granted  by  the city. If such an agency
  intends to continue granting any such  type  of  franchise,  the  agency
  shall  submit  to the council a proposed authorizing resolution for such
  type of franchise at least two years, or such shorter period as  may  be
  approved  by the franchise and concession review committee, prior to the
  earliest expiration  date  of  any  existing  franchise  of  that  type;
  provided,  however,  that  the  department  of  transportation, with the
  approval of the franchise and concession review  committee,  may  extend
  the  expiration  date  of  the  operating  authority  of any private bus
  company that does not receive a subsidy from the  city  to  a  date  not
  later   than   the   thirtieth  day  of  June,  two  thousand  and  ten.
  Notwithstanding the provisions of section three hundred seventy-one, the
  public notice and hearing requirements of the franchise  and  concession
  review  committee  with  respect  to  an approval of an extension of the
  operating authority of a private bus company shall be fully satisfied by
  a public hearing held after notice  of  such  hearing  shall  have  been
  published at least one day prior thereto in the City Record.