A. Termination Or Abandonment Of Service:
1. A grantee may not abandon the system without having first given three (3) months' written notice to the City.
2. In the event of termination or forfeiture of the franchise or abandonment of the system, the City may require the grantee to remove all or any portion of its system from all rights-of-way and public property within the City; provided, however, that the grantee will not be required to remove its system to the extent it lawfully provides other services over the system.
3. If the grantee has failed to commence removal of its system, or such part thereof as was designated by the City, within one hundred twenty (120) days after written demand for removal is given, or if the grantee has failed to complete such removal within twenty four (24) months after written demand for removal is given, the City may apply funds secured by the franchise toward removal and/or declare all right, title, and interest in the system to be in the City with all rights of ownership including, but not limited to, the right to operate the system or transfer the system to another for operation by it pursuant to the provisions of 47 USC section 547. (Ord. 2019-02, 1-7-2019)
B. Sale Or Transfer Of Franchise:
1. No sale or transfer of ownership of a grantee or "fundamental corporate change" in a grantee, as defined in Minnesota Statutes section 238.083, nor sale or transfer of a franchise is permitted without City approval. Any sale or transfer of stock in a grantee creating a new controlling interest constitutes a sale or transfer of ownership. A "controlling interest" includes majority stock ownership or a lesser amount sufficient to confer actual working control in whatever manner exercised. City approval is not be required where a grantee grants a security interest in its franchise or system to secure an indebtedness.
2. A grantee must file a written request with the City prior to any transaction described above. The City will approve or deny a transfer request within one hundred twenty (120) days of receipt of a written request. The City will not unreasonably withhold its approval.
3. In no event will a transaction be approved unless the transferee becomes a signatory to, and assumes all rights and obligations under, the franchise.
4. In the event of any proposed transaction described above, the City will have the right to purchase the system. In the event a grantee has received a bona fide offer for purchase of its system, the City shall have the right to purchase for the price which the proposed assignee or transferee agreed to pay. The City will be deemed to have waived its right to purchase the system in the following circumstances:
a. The City does not notify the grantee in writing, within ninety (90) days of notice, that it intends to exercise its right of purchase; or
b. The City approves the transaction. (Ord. 2003-7, 4-7-2003)