(A) No transfer of control of a franchise or assignment of a franchise to operate a cable telecommunications system other than a pro forma transfer or assignment to a parent or wholly owned subsidiary corporation or other form of organization shall take place, whether by force or voluntary sale, lease, mortgage, assignment, encumbrance, foreclosure, attachment, merger or other form of disposition, without prior notice to an approval by the County Board. The notice shall include full identifying particulars of the proposed transaction and the County Board shall act by resolution. The County Board shall have 120 days after the receipt of the notice and all supporting documents within which to approve or disapprove a transfer of control or assignment of franchise; if the proposed transfer or assignment is not acted upon within 120 days, approval shall be deemed to have been given.
(B) Notice of any such proposed transfer or assignment, together with copies of all documents pertaining thereto shall be in writing filed with the County Clerk. The proposed transferee or assignee shall agree in writing to comply with all provisions of this chapter and other provisions and requirements as the County Board might require.
(C) For the purpose of this section, the term
CONTROL is not limited to majority stock ownership, but includes actual working control in whatever manner exercised. A rebuttal presumption that a transfer of control has occurred shall arise upon the acquisition or accumulation by any person or group of persons of 10% of the voting shares of the company.
(D) In the absence of extraordinary circumstances, the County Board will not approve any transfer or assignment of the franchise before completion of initial construction of the energized system or within the first two years of operation thereafter.
(Ord. passed 3-25-1996)