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229 <br /> <br />5.5 <br /> <br />5.6 <br /> <br />5.7 <br /> <br />original cost of property less accumulated depreciation). <br />The book value or assumption of debt, whichever is larger <br />(provided debt is no larger than the recognized mortgage <br />value of the system) shall be determined by the County in <br />accordance with generally accepted appraisal and accounting <br />principles. Under no circumstances shall any valuation be <br />made for "good will" or any right or privilege granted by <br />this permit. Should a dispute arise over the determination <br />of the fair value of the system, the dispute shall be re- <br />solved by a panel of three appraisers: one to be selected <br />by the County, one to be selected by the franchisee, and the <br />third to be selected by the other two appraisers. Should <br />the County and the franchisee fail to agree on the third <br />appraiser, the choice shall be made by the senior resident <br />Judge of the Superior Court of the judicial district in <br />which the County is located. <br /> <br />Should the County revoke the franchise and fail to purchase <br />the system, new applicants shall be sought and evaluated <br />by the County Manager and Board of Commissioners and a <br />franchise award may be made according to application and <br />award procedures set forth herein. <br /> <br />Foreclosure: Upon the foreclosure or other judicial sale <br />of all or a substantial part of the system, or upon the <br />termination of any lease covering all or a substantial part <br />of the system, the franchisee shall notify the Board of <br />Commissioners of such fact, and such notification shall be <br />treated as a notification that a transfer in control of the <br />franchise has taken place, and the provisions of Section 5.7 <br />of this ordinance governing the consent of the Board of <br />Commissioners to such change in control of the franchise <br />shall apply. <br /> <br />Receivership: The Board of Commissioners shall have the <br />right to cancel this franchise one hundred and twenty (120) <br />days after the appointment of a receiver, or trustee, to <br />take over and conduct the business of the company, whether <br />in receivership, reorganization, bankruptcy, or other <br />action or proceeding, unless such receivership or trustee- <br />ship shall have vacated prior to the expiration of said one <br />hundred and twenty (120) days, or unless~ <br /> <br />(a) Within one hundred and twenty (120) days after hiS <br /> election or appointment, such receiver or trustee <br /> shall have fully complied with all the provisions of this <br /> ordinance and remedied all defaults thereunder; and <br /> <br />(b) Such receiver or trustee, within said one hundred and <br /> twenty (120) days, shall have executed an agreement, <br /> duly approved by the court having jurisdiction in the <br /> premises, whereby such receiver or trustee assumes <br /> and agrees to be bound by each and every provision <br /> of this ordinance and the certificate granted to the <br /> company. <br /> <br />Transfer of Control: No transfer of effective ownership <br />or control of the CATV system may take place, whether by <br />forced or voluntary sale, lease, mortgage, assignment, <br />encumbrance or any other form of disposition, without <br />prior notice to and approval by the Board of Commissioners. <br />The notice shall include full identifying particulars of the <br />proposed transaction, and the Board of Commissioners <br />shall act by resolution. <br /> <br />The franchisee shall not issue any additional capital stock <br />and shall not permit the transfer of more than ten (10) <br />percent of its presently outstanding shares without the <br />prior written consent of the Board of Commissioners. No <br />sale, lease, assignment or transfer shall be effective <br />until the vendee, leasee, assignee, or transferee has filed <br />with the County its acceptance of this grant~ <br /> <br /> <br />