(A) (1) No Municipal Authority granted under this Chapter, the assets held by Providers for use under such Municipal Authority which are in the Public Rights-of-Way, or any rights or privileges of Providers under a Municipal Authority, either separately or collectively, shall be sold, resold, assigned, transferred, leased, or conveyed by Providers to any other Person, without notice to the City within 30 days of such proposed sale, transfer, or conveyance. Provider shall submit all information reasonably requested by the City relating to the financial, technical, and operational qualifications of the transferee. Prior to consummation of such sale, transfer, or conveyance, transferee shall affirmatively, and in writing, assume all obligations, rights, and liabilities of Provider as specified in any Municipal Authority or Franchise Contract.
(2) Any change of control of a Provider shall constitute a transfer under this section. A mortgage or other pledge of assets to a bank or lending institution in a bona fide lending transaction shall not be considered an assignment.
(B) In order that the City might share in the value any Authority or Franchise adds to the Provider's operation, any such transfer or assignment of any rights under this section by the Provider, subject to the exceptions listed in division (A) above, shall be subject to the condition that the transferee promptly pay the City one percent (1%) of any and all fees paid to the City, including the Municipal Authority fee paid to the City in the previous calendar year, not to exceed $10,000, which amount the Provider and the City agree is reasonable. Such transfer fee shall not be recovered from the City or from City residents or property owners through rates or surcharges of the Provider.
(Ord. 20-1997)