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230 <br /> <br />5.8 <br /> <br />In the absence of extraordinary circumstances, the Board <br />of Commissioners will not approve any such transactions <br />before completion of construction of energized cable passing <br />before each dwelling unit, as specified in Section 6.3. <br /> <br />Prior approval of the Board of Commissioners shall be <br />required where ownership or control of more than ten (10) <br />percent of the right of control of or interest in the franchise <br />is acquired by a person or a group of persons acting in <br />concert, none of whom already own or control ten (10) <br />percent or more of such. right of control or interest, <br />singularly or collectively. Provided, however, that such <br />Board of Commissioners approval shall not be unreasonably <br />withheld after proper application is made therefore. <br /> <br />"Transfer of effective ownership of control" shall not <br />include: <br /> <br />(a) Pledge or hypothecation or mortgage or similar <br /> instrument transferring conditional ownership or all <br /> or part of the system's assets to a lender, or creditor <br /> in the ordinary course of business so long as the lender <br /> does not thereby acquire the right to control the system's <br /> operations; but no such transfer Of conditional title <br /> can be made absolute or become effective without <br /> prior approval of the Board of Commissioners, or <br /> <br />(b) The disposition of facilities or equipment no longer <br /> required in the conduct of business. <br /> <br />Franchisee may hypothecate its interest under this ordinance <br />and the franchise agreement and in the CATV system to be <br />constructed pursuant thereto for the purpose of securing a <br />loan, the entire proceeds of which will be utilized in con- <br />struction and operation of its CATV system in the franchise <br />area. Ail terms and conditions contained in the hypothecation <br />agreement shall be subject to the prior written approval~of <br />the County; provided, however, that the terms of such <br />agreement shall provide that the identity of any successor in <br />interest shall be subject to the prior approval of the County <br />and that such successor in interest shall own and operate <br />the CATV system subject to all provisions of this ordinance <br />and the franchise agreement. <br /> <br />By its acceptance of the franchise, the franchisee specifically <br />concedes and agrees that any acquisitions or transfers as <br />set forth in this section without prior approval of the <br />Board of Commissioners as may be required~ shall con~ <br />stitute a violation of the franchise agreement and this <br />ordinance by the franchisee. <br /> <br />Continuing of Service Mandatory: The franchisee shall be <br />required to p~ovide'continuous service to all subscribers <br />in return for payment of the established fee, If the franchise <br />agreement becomes void for whatever reason including <br />normal expiration, revocation or foreclosure, the fran- <br />chisee is required, at the option of the County, as a part of <br />this franchise to continue to operate the system until an <br />orderly change of operation is effected. In the event the <br />franchisee fails to operate the system or allows a lapse in <br />service without prior approval of the Board of Commissioners, <br />the County or its agent shall operate the system until such <br />time that a new operator is selected, If the County is <br /> <br /> <br />