(A) If the cable system franchisee shall forfeit its franchise as set forth in this chapter or upon receipt by the city of an application for prior approval of acquisition or transfer as set forth in subsection (D) of this section or by mutual agreement between the city and the franchisee, the city, at its election and upon the payment to the franchisee of not less than the fair market value in accordance with the Communication Act, Title VI, § 636(a)(2) shall have the right to purchase and take over the system.
(B) In order that the city may exercise its option to take over the facilities and property of the system as authorized in this section upon expiration or forfeiture or revocation of the rights and privileges of the franchisee, the franchisee shall not make, execute or enter into any deed, deed of trust, mortgage, contract, conditional sales contract or any loan, lease, pledge, sale, gift, pole agreement or any other agreement concerning any of the facilities or property, real or personal, of the system without prior approval of the City Council upon its determination that the transaction proposed by the franchisee will not be inimical to the rights of the city under the franchise. However, this subsection shall not apply to the disposition of worn out or obsolete facilities or personal property in the normal course of carrying on the CATV business or to routine contractual relationships entered into in the ordinary course of cable business.
(C) Prior approval of the City Council shall be required where ownership or control of more than 25% of the right of control of the franchisee is acquired by a person or group of persons acting in concert, none of whom already own or control 25% or more of such right of control, singularly or collectively.
(D) No franchise granted under this chapter may be transferred unless such transaction is first approved by the City Council, by resolution or public hearing, in accordance with the same procedures as are specified for grants or of a franchise.
(E) By its acceptance of the franchise, the franchisee specifically concedes and agrees that any acquisitions or transfers as set forth in subsections (C) or (D) of this section, without prior approval of the City Council, shall constitute a violation of the franchise and this chapter by the franchisee.
(1993 Code, § 18-73)