HomeMy WebLinkAboutRES 86-035 RESOLUTION APPROVING THE TRANSFER OF OWNERSHIP OF GROUP W CABLE OF THE NORTH SUBURBSM INC. Meeting Sheet
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102364
Box: 23
Folder: RES 1986
Document: RES 86-035 RESOLUTION APPROVING THE TRANSFER OF
OWNERSHIP OF GROUP W CABLE OF THE NORTH SUBURBSM INC.
STATE OF MINNESOTA _
• COUNTY OF RAMSEY/HENNEPIN
CITY OF ST. ANTHONY
RESOLUTION NO. 86-035 APPROVING
THE TRANSFER OF OWNERSHIP OF GROUP W CABLE
OF THE NORTH SUBURBS , INC.
WHEREAS, Group W Cable, Inc., a New York Corporation
(hereinafter "Group W Cable") , by and through Group W Cable
of the North Suburbs, Inc. , a wholly-owned subsidiary, owns,
operates and maintains a cable television system in the City
pursuant to the terms and conditions of City Ordinance No.
1982-009 (hereinafter "Cable Communications Franchise
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 Suburbs, Inc. to
North Central Cable Communications Corporation (hereinafter
"North Central") and thereby transfer control of Group W
Cable of the North 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 Suburbs, Inc. , to North Central; and
WHEREAS, the North Suburbs Cable Commission (hereinafter
"Commission-") has been delegated the authority and responsi-.
bility to coordinate, administer and enforce the Cable Com-
munications
munications Franchise Ordinance on behalf of City pursuant
to the terms of a Joint and Cooperative 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
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
• 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 Si. Anthony
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 Suburbs, Inc. and
the transfer of control of Group W Cable of
the North Suburbs, Inc. to North Central sub-
ject to an actual closing of the stock sale
transaction on or before December 31, 1986
2 -
•1
pursuant to the terms and conditions as
• evidenced by the Notice of Transfer to said
Commission and City and all written repre-
sentations from North Central associated
therewith.
2. The City approves the ]?ledge by North Central
as security to its lenders the stock and
assets of North Central and Group W of the
North Suburbs, Inc.
The above listed resolution was moved by Council Member
Ranallo , and duly seconded .by Council
Member Marks .
The following Council Members voted in the affirmative:
• Ranallo, Marks, Sundland, Makowske, Enrooth
The following Council Members voted in the negative:
None
Passed and adopted this 28th day of October ,
1986.
11.
Mayor
iCA�iAdminstrator
ATTEST: au4-e
City Clerk
I cart;-_ _.r_
_ i., IL: Ls ._ tr1e and
ccoy of'
Date i
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