§ 15-55. Franchise transfer.

(a)

No franchise granted by the board shall be assigned, transferred, sold or disposed of, in whole or in part, by voluntary sale, merger, consolidation or otherwise or by forced or involuntary sale, without prior consent of the board, which consent shall not be unreasonably withheld.

(b)

The grantee shall promptly notify the county administrator of any actual or proposed event which could result in a change in control of the grantee. Every change of control of the grantee shall make the franchise subject to cancellation, until the county consents to the change in control. The board shall consent to the change in control if, after a public hearing, the board determines that the proposed assignee agrees to comply with all the provisions of the franchise and the proposed assignee proves that it is legally, technically, and financially qualified to operate the system. If the county does not schedule a public hearing on the change in control within 60 days after it receives notice of the change or proposed change and a request that it consent to the change, it shall be deemed to have consented. In the event that the county adopts a resolution denying its consent and such change has been effected, the county may cancel the franchise, unless control of the grantee is restored to its status prior to the change, or to a status acceptable to the county.

(c)

Any sale, transfer or assignment of any franchise granted by the board shall be made by a bill of sale or similar document, an executed copy of which shall be filed with the county administrator within 30 days after any such sale, transfer or assignment.

(d)

The grantee does not need the board's consent for a transfer in trust, mortgage or other instrument of hypothecation, in whole or in part, to secure an indebtedness, except when such hypothecation exceeds 75 percent of the fair market value of the property used by the grantee in the operation of its cable system.

(Code 1978, § 7-15)

(Code 1978, § 7-15)