(A) The franchisee shall not transfer, assign, sell, lease or dispose of, its interest in any franchise or ordinance or agreement awarding a franchise in accordance with this chapter or in its cable communications system without the prior written authorization of the City Commission. A merger or consolidation shall be deemed a transfer or assignment.
(B) During the term of any franchise, the fran- chisee shall not sell, transfer, assign, lease, dispose of, exchange or release of more than 25% of the owner-ship of its cable communications system to a person (hereinafter “proposed transferee”) without the prior written authorization of the City Commission.
(1) In seeking the prior written authorization required under this chapter, the franchisee shall have the responsibility to:
(a) Show to the satisfaction of the City Commission whether the proposed transferee, which, in the case of a corporation, shall include all officers, directors, employees and all persons having a legal or equitable interest in 25% or more of its voting stock, or any of the proposed transferee's principals:
1. Has ever been convicted of a crime involving moral turpitude, including, but not limited to, criminal fraud, or is presently under an indictment charging such a crime.
2. Has ever had a judgement in an action for fraud, deceit or misrepresentation entered against it, her, him or them by any court of competent jurisdiction.
3. Has pending any legal claim or law suit arising out of or involving a cable communication system.
(b) Establish to the satisfaction of the city the financial solvency of the proposed transferee which the franchisee was required to submit in its application for a franchise in accordance herewith, and such other financial data as the city may request.
(C) Any proposed transferee shall execute an agreement, in the form and containing the conditions approved by the City Attorney that it will assume and be bound by all of the provisions, terms and conditions of this chapter and any agreement or chapter in accordance herewith and all applicable federal, state and local laws and further that it shall be primarily liable and obligated under the documents without, however, relieving the franchisee from its obligations to the city under the document.
(D) No transfer under division (A) or (B) of this section shall be made within 13 months of the termination date of the term of the franchise agreement.
(E) Nothing in any approval by the City Commission of any transfer or assignment of any ownership interest pursuant to divisions (A) and (B) of this section shall be construed to waive or release any rights of the city in and to the streets, public ways and public places of the city or as a release of any of the city's police powers.
(F) The occurrence of any event which consti- tutes either grounds for entry of an order for relief under the United States Bankruptcy Code, or place- ment of the franchisee into receivership, or the issuance of any order to the franchisee or any of its stockholders by a government agency or court of competent jurisdiction to divest any interest related to the cable communications system, or the entry of any judgement against the franchise which, in the opinion of the City Commission impairs the franchisee's credit shall be deemed an unauthorized transfer and assignment under the provisions of this section and shall:
(1) Be deemed a material breach and default of any agreement or ordinance awarding a franchise in accordance herewith; and
(2) Subject the franchisee to all penalties and remedies prescribed in the agreement and to all other remedies, legal and equitable which are available to the city.
(G) The occurrence of an unauthorized transfer or assignment may, at the option of the city, terminate any agreement and franchise and accelerate all of the obligations and rights thereunder including, inter alia, the right of the city to purchase the cable communications system at book value or to award a franchise to another person. The franchisee shall notify the City Clerk/Treasurer of any occurrence which constitutes an unauthorized transfer under the provisions of division (F) of this section and of the entry of any judgement against it within 24 hours of such occurrence.
(H) From and after any of the occurrences enumerated in division (F) of this section, 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, pole agreement or any other agreement or hypothecation concerning any of the facilities or property, real or personal, of the cable communications system without the written approval of the City Commission.
('81 Code, § 450.1, § 20)