(A) Upon the filing of any voluntary or involuntary petition under the Bankruptcy Act by or against any provider and/or permittee, or any action for foreclosure or other judicial sale of the provider and/or permittee's facilities located within the rights-of-way, the provider and/or permittee shall so notify the Public Works Director within 14 calendar days thereof and the provider and/or permittee's Certificate of Registration or permit (as applicable) shall be deemed void and of no further force and effect.
(B) The city shall have the right to revoke, pursuant to the provisions of this chapter, any Certificate of Registration or permit granted pursuant to this chapter, subject to any applicable provisions of law, including the Bankruptcy Act, 120 days after the appointment of a receiver or trustee to take over and conduct the business of the provider and/or permittee, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said 120 days or unless:
(1) Within 120 days after election or appointment, such receiver or trustee shall have fully complied with all the provisions of the relevant Certificate of Registration, any outstanding permit and of this chapter and remedied all defaults thereunder; and,
(2) Said receiver or trustee, within said 120 days, shall have executed an agreement, duly approved by a court having jurisdiction over the facilities, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of the relevant Certificate of Registration, permit, and this chapter.
(Ord. 24-2004, passed 12-20-04)