Ordinance 2613-02 - Laserfiche WebLink

15.4 Purchase of Cable System (A) If at any time this Franchise is lawfully revoked, terminated, or not renewed (in accordance with federal law) or upon expiration, the City shall have the option to purchase the Cable System. (B) The City may, at any time after Franchise revocation,termination, expiration or non- renewal, offer in writing to purchase Grantee's Cable System. In any case where the City elects to purchase the Cable System, the purchase shall be closed within one hundred twenty (120) days of the date of the City's audit of a balance sheet and current profit and loss statement of Grantee's Cable System. The City shall, as applicable, pay for the Cable System in cash or certified funds, and Grantee shall deliver appropriate bills of sale and other instruments of conveyance. (C) For the purposes of this subsection, the price for the Cable System shall be determined as follows: (1) In the case of the expiration of the Franchise without renewal, at fair market value determined on the basis of Grantee's Cable System valued as a going concern, but with no value allocated to the Franchise itself. In order to obtain the fair market value, this valuation shall be reduced by the amount of any lien, encumbrance, or other obligation of Grantee that the City may assume. (2) In the case of revocation for cause, the equitable price of Grantee's Cable System. 15.5 Receivership and Foreclosure (A) At the option of the City, subject to applicable law, this Franchise may be revoked one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of Grantee whether in a receivership, reorganization, bankruptcy or other action or proceeding,unless: (1) The receivership or trusteeship is vacated within one hundred twenty (120) days of appointment; or (2) The receiver or trustee has, within one hundred twenty (120) days after his/her election or appointment, fully complied with all the terms and provisions of this Franchise, and has remedied all defaults under the Franchise. Additionally, the receiver or trustee shall have executed an agreement duly approved by the court having jurisdiction,by which the receiver or trustee assumes and agrees to be bound by each and every term, provision and limitation of this Franchise. (B) If there is a foreclosure or other involuntary sale of the whole or any part of the plant, property and equipment of Grantee, the City may serve notice of revocation on Grantee and Page 51 of 58