AG 1998 02 16 - Laserfiche WebLink

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4.12 TRANSFER OF OWNERSHIP OR CONTROL. A. Transfer of Franchise. Any Franchise granted hereunder shall not be sold, transferred, leased, assigned or disposed of, including but not limited to, transfer by force or voluntary sale, merger, consolidation, receivership or 6ther means, nor shall the control of the Grantee be changed, without the prior consent of the County, and then only under such conditions reasonably related to the qualifications of the assignee and or related to the applicant's capability to meet the requirements of the Franchise and this Ordinance, and as the County may establish. B. Transfer Threshold. The Grantee shall promptly notify the County of any actual or proposed change in, or transfer of, or acquisition by any other party of, control of the Grantee. The word "control" as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. A rebuttable presumption that a transfer of control has occurred shall arise upon the disposal by the Grantee, directly or indirectly, by gift, assignment, voluntary sale, merger, consolidation or otherwise, of twenty-five percent (25 %) or more at one time of the ownership or controlling interest in the system, or fifty (50%) percent cumulatively over the term of the Franchise of such interests to a corporation, partnership, limited partnership, trust or association, or person or group of persons acting in concert. C. County Approval. Every change, transfer, or acquisition of control of the Grantee shall make the Franchise subject to cancellation unless and until the County shall have consented thereto, which consent will not be unreasonably withheld. For the purpose of determining whether it shall consent to such change, transfer, or acquisition of control, the County may inquire into the legal, financial, character, technical and other public interest qualifications of the prospective controlling party, and the Grantee shall assist the County in any such inquiry. Failure to provide all information reasonably requested by the County as part of said inquiry may be grounds for denial of the proposed change, transfer or acquisition of control as provided herein or by Federal laws and regulations. D. Assumption of Control. The County agrees that any financial institution having a pledge of the Franchise or its assets for the advancement of money for the construction and/or operation of the Franchise shall have the right to notify the County that it or its designees satisfactory to the County will take control and operate the cable television system. Further, said financial institution shall also submit a plan for such operation that will insure continued service and compliance with all Franchise obligations during the term the financial institution exercises control over the system. The financial institution shall not exercise control over the system for a period exceeding one year, unless extended by the County at its discretion and during said period of time it shall have the right to petition for transfer of the Franchise to another Grantee. If the County finds that such transfer, after considering the legal, financial, character, technical and other public interest qualifications of the applicant are