§ 121.07 TRANSFERS AND ASSIGNMENTS.
   (A)   A franchise shall not be assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable or any right, interest, or property therein, pass to or vest in any person without the prior written consent of the city. The proposed assignee or transferee must show financial responsibility as determined by the city and must agree to comply with all provisions of the franchise. The city shall not unreasonably withhold its consent to a proposed transfer or assignment. The city may charge the assignee or transferee a reasonable fee to assume the franchise consistent with the original franchise fee and to cover all reasonable costs incurred in assuring itself that the assignee or transferee is as qualified to administer the cable system as the original Grantee. The city may in a franchise provide for special and relaxed procedures for transfers or assignments to affiliates of a Grantee.
   (B)   The Grantee shall promptly notify the city of any actual or proposed change in, or transfer of, or acquisition by any other party of control of the Grantee. The word CONTROL as used herein is not limited to major stockholders but includes actual working control in whatever manner exercised. There may be no change in, transfer of, or acquisition of control without the prior consent of the city, which will not unreasonably be withheld, and any such alteration in control without consent shall make the franchise subject to revocation. For the purpose of determining whether it shall consent to a change, transfer, or acquisition of control, the city may inquire into the qualifications of the prospective controlling party, and the Grantee shall assist the city in any inquiry; and the party shall assume all reasonable costs incurred by the city in so doing.
   (C)   The consent or approval of the Council to any transfer or assignment of the franchise shall not constitute a waiver or release of the rights of the city in and to the streets, and any transfer or assignment shall, by its terms, be expressly subordinate to the terms and conditions of this franchise.
   (D)   In the absence of extraordinary circumstances, the city will not approve any transfer or assignment of the franchise or change in control prior to substantial completion of construction of a proposed system.
   (E)   The Council reserves the right, consistent with federal law, to review the purchase price of any transfer or assignment of the cable system. Any assignee to this franchise expressly agrees that any negotiated sale value which the Council (acting upon professional advice) deems unreasonable will not be considered in the rate base for any subsequent request for rate increases.
   (F)   In no event shall a transfer of ownership or control be approved without the successor in interest becoming a signatory to the franchise agreement.
(‘83 Code, § 123.07) (Ord. 82-036, passed 6-21-82; Am. Ord. 96-003, passed 4-1-96) Penalty, see § 121.99