(a) Any franchise granted by the City shall not be assigned, transferred, sold or disposed of, without the prior consent of the City expressed by resolution of the Council, unless the franchise has had the same owner(s) for the past three years and the Council fails to give or deny consent within one hundred twenty (120) days of receipt of a request from the owner(s) or operator for approval of a sale or transfer. The Council's consent shall not be unreasonably withheld provided that the proposed assignee agrees to comply with all the provisions of this Ordinance and the franchise being transferred and is able to provide proof of financial responsibility and other qualifications reasonably satisfactory to the City. Unless consent is obtained, such a transferee shall not obtain the rights to operate the cable system. (Ord. No. 93-45, § 10, 12-20-93)
(b) No consent by the City shall be required for a deed of trust, mortgage or other instrument or hypothecation to secure an indebtedness of the operator or for any transfer or assignment to a parent, affiliate or subsidiary of the operator, but notice of such transfer or assignment shall be given ten (10) days before the effective date of such a transfer or assignment.
(c) The consent of the City to any sale or other transfer shall not constitute a waiver or release of any of the rights of the City under a franchise or this Article. (Ord. No. 89-12, § 18-85, 6-19-89)