HomeMy WebLinkAbout1986-046 Council Resolution•
RESOLUTION #46 - 86
STATE OF MINNESOTA
COUNTY OF ANOKA
CITY OF _ i.TNn
RESOLUTION NO.46-RF APPROVING
THE TRANSFER OF OWNERSHIP OF GROUP W CABLE
OF THE NORTH CENTRAL SUBURBS, INC.
WHEREAS, Group W Cable, Inc., a New York Corporation
(hereinafter "Group W Cable "), by and through Group W Cable
of the North Central Suburbs, Inc., a wholly -owned subsi-
diary, owns, operates and maintains a cable television sys-
tem in the City pursuant to the terms and conditions of City
Ordinance No. 83 -08 (hereinafter "Cable Communications Fran-
chise Ordinance "); and
WHEREAS, Group W Cable desires to sell and otherwise
transfer all of the issued and outstanding shares of the
capital stock of Group W Cable of the North Central Suburbs,
Inc. to North Central Cable Communications Corporation
(hereinafter "North Central ") and thereby transfer control
of Group W Cable of the North Central Suburbs, Inc., to
North Central; and
WHEREAS, Group W Cable has requested the consent from
the City to a change in ownership and control of Group W
Cable of the North Central Suburbs, Inc., to North Central;
and
WHEREAS, the North Central Suburbs Cable Communications
Commission (hereinafter "Commission ") has been delegated the
authority and responsibility to coordinate, administer and
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enforce the Cable Communications Franchise Ordinance on
behalf of City pursuant to the terms of a Joint and Coopera-
tive Agreement for the Administration of a Cable Television
Franchise; and
WHEREAS, the Commission has held a public hearing on
behalf of City and has reviewed the legal, technical, and
financial qualifications of North Central and finds no rea-
sonable basis to deny the request for transfer as a result
of said review; and
WHEREAS, the Commission has recommended to City approval
of the transfer of control of Group W Cable of the North
Central Suburbs, Inc. to North Central subject to the actual
closing of the stock sale; and
WHEREAS, the Commission has also recommended approval of
a request by North Central to permit the pledge as security
to its lenders the stock and assets of North Central and its
subsidiaries, which would include Group W Cable of the North
Central Suburbs, Inc.;
WHEREAS, the City does not object to such security
interest in the stock and assets.
NOW THEREFORE, BE IT RESOLVED by the City Council of the
City of Lino Lakes
1. That the City hereby approves the sale by
Group W Cable, Inc. of all of the issued and
outstanding shares of the capital stock of
Group W Cable of the North Central Suburbs,
Inc. and the transfer of control of Group W
Cable of the North Central Suburbs, Inc. to
North Central subject to an actual closing of
the stock sale transaction on or before
December 31, 1986 pursuant to the terms and
conditions as evidenced by the Notice of
Transfer to said Commission and City and all
written representations from North Central
associated therewith. _
2. The City approves the pledge by North Central
as security to its lenders the stock and
assets of North Central and Group W of the
North Central Suburbs, Inc.
The above listed resolution was moved by Council Member
Marier , and duly seconded by Council
Member Bisel
The following Council Members voted in. .the affirmative:
Marier, Bisel, Bohjanen, Benson
The following Council Members voted in the negative:
None (Mr. Reinert was absent)
Passed and adopted this 27th day of October
1986.
ATTEST:
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City Administrator
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