(A) Transfer of franchise. A franchise may provide that a franchise may be transferred along with the sale of all or any portion of a franchisee’s ownership or controlling interest or operational control, whether by sale of stock or assets, as long as the successor-in-interest complies with division (C) below.
(B) Transfer threshold. The grantee shall promptly notify the county 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. A rebuttable presumption that a transfer of control has occurred shall arise upon the disposal by the grantee, directly or indirectly, by gift, assignment, voluntary sale, merger, consolidation, or otherwise, of 50% or more, at one time, of the ownership or controlling interest in the system; or 50% cumulatively over the term of the franchise of such interest to a corporation, partnership, limited partnership, trust, limited liability, or company association, or person or group of persons acting in concert.
(C) Process. Every transfer, sale, assignment, or disposition of ownership or control of the grantee as described in division (B) above shall make the franchise subject to cancellation unless and until the transferee or purchaser or successor-in-interest shall have become a signatory to the franchise.
(D) Financial assurance. Financial assurance, financial qualification, and financial responsibility shall be determined by the state’s Department of Environment and Natural Resources or its successor agency during state permit review.
(Ord. passed 9-6-2011) Penalty, see § 110.99