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A. The rights granted under the license may not be transferred, assigned, sublet or subdivided in any way or through any mechanism, including a sale or lease of the cable system or a sale or change in the control of the licensee without the express prior permission of the city, except as otherwise provided under federal law.
B. The word "transfer" as used herein means a transaction in which control of the licensee is transferred from one person or group of persons acting in concert with another person or another group of persons acting in concert. "Control" for purposes of this section shall mean majority voting control of the licensee; provided that, any financing arrangement, including, but not limited to, a mortgage or pledge, shall not be deemed a "transfer".
C. An entity, which seeks approval of a proposed transfer, shall file an application for approval of that transfer no later than one hundred twenty (120) days prior to the proposed effective date of the transfer. In making a determination to approve or disprove the application, the city shall only consider the legal, financial and technical qualifications of the proposed transferee to operate the cable system.
D. The city shall have one hundred twenty (120) days following the submission of the application for transfer to render a decision. If the city does not render a decision within this time, the transfer shall be deemed approved.
E. Approval by the city of a transfer of a license does not constitute a waiver or release of any of the rights of the city under this chapter or the license agreement. (Ord. 05-589, 5-23-2005)