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5.4 <br /> <br />228 <br /> <br />system. Should the County decide to purchase the <br />system, it shall de so at a price not to exceed its <br />then fair market v;~!,.t~, In determining the fair' va]tlc <br />of the system, t-he original cos t o1: al l tang i. blI c ;_tntl <br />intangible property, as well as the salvage value, the <br />book value, the rep.lacement cost, cash flow, and other <br />factors, including outstanding debts of the system to <br />be assumed by tile County, may be considered. Under <br />no circumstances shall any valuation be made for <br />"good will" or any right or privilege granted by <br />this ordinance. Should a dispute arise over the <br />'determination of the fair value of the system, the <br />dispute shall b'e resolved by arbitration as provided <br />in Section 5.4, <br /> <br />Revocation of Franchise: The Board of Commissioners <br />may terminate t'he franchise conferred under this or- <br />dinance at any time prior to a date of expiration upon <br />a finding that the franchisee has failed to cure one <br />or more of the following defects: <br /> <br />(a) Material breach, whether by act or omission, of <br /> any terms or conditions of this franchise ordin- <br /> ance, or franchise agreement, or <br /> <br />(b) Material misrepresentation of fact in the appli- <br /> cation for or negotiation of the franchise, or <br /> <br />(c) Insolvency of the franchisee, or inability or <br /> unwillingness of the franchisee to pay its just <br /> debts when they accrue, or application of the <br /> franchisee for adjudication as a bankrupt, or <br /> <br />(d) Failure to provide subscribers or users with <br /> adequate service in the best interest of the <br /> public convenience and welfare, or <br /> <br />(e) Failure to have obtained authorization from all <br /> required governmental agent:les and acceptable <br /> pole attachment agreements within twelve (12) <br /> months after execution of the franchise agreement <br /> provided the period of twelve (12) months may be <br /> extended by the Board of Commissioners if the <br /> franchisee is diligently pursuing such anthori- <br /> zation and the delay is not caused by any fault <br /> of the franchisee, or results from strikes, nat- <br /> ural disaster, or other occurrences over which the <br /> franchisee would have no control, <br /> <br />(f) Failure to ha'~z'e full service available as provided <br /> in Section 6.3.~ <br /> <br />The franchisee shall have sixty (60) days to remedy <br />defects following written notice by the County Manager <br />to the franchisee of such a defect. If any defect <br />continues beyoud the s;ixty (60) days (or any extension <br />therof granted by the Board of Commissioners) without <br />written proof that corrective action has been taken <br />or is being actively and expeditiously pursued, the <br />Board of Commissioners shall call a public hearing <br />on the termination of the franchise. Immediately <br />following the public hearing,, the 5Board of Com- <br />missioners may, by resolution, declare, that the <br />franchise be terminated. At least ten (10) days prior <br />to the Board of Commissioners meeting at which the <br />public hearing will be held, the County Manager shall <br />caus. e to be served upo,. the franchisee a written <br />notice of the public hearing on the question of ter- <br />mination. The notice shall_ state the time and place <br />of the meeting, iz~. the event that the County revokes <br />the franchise, the County shall have the right of <br />first refusal to purc?'.ase the CATV system at a price <br />not to exceed its depr~aciated book value (that is, <br /> <br /> <br />