(A) Any franchise issued hereunder may, after hearing be revoked, altered, or suspended by the City Council as it deems necessary on any of the following grounds:
(1) For willful false or misleading statement in, or material omissions from, any application;
(2) For failure to file and maintain the bonds required under this chapter;
(3) For repeated failure, as determined by the City Council to maintain signal quality;
(4) For any sale, lease, assignment, or other transfer of its permit without consent of the City Council;
(5) For an inability to provide CATV service to subscribers at the rates authorized by the City Council.
(6) For failure to properly provide service to subscribers or to the city; and
(7) For violation of the terms of its franchise or the agreement or ordinance awarding same or of this chapter as stated herein. In addition to all other rights and powers reserved or pertaining to the City Council, the City Council reserves as an additional and as a separate and distinct remedy the right to revoke the franchise and all right and privileges of the franchisee thereunder in any of the following events or for any of the following reasons:
(a) The franchisee shall by act or omission fail to comply with any term or condition of this chapter and shall within 30 days following written demand by the City Council to effect such compliance fail or refuse to do so;
(b) Any provision of this chapter shall be finally adjudged by a court of law invalid or unenforceable and the City Council further finds that such provision constitutes at that time a consideration material to the continuance of the franchise herein granted; or
(c) The franchisee becomes insolvent; unable, unwilling or fails to pay its debts as such debts become due; or a custodian, receiver, trustee or agent appointed or authorized to do so, is appointed or takes charge of less than substantially all or substantially all of the property of a franchisee for the purpose of enforcing any lien, whether judicial, execution or otherwise; is the subject debtor of an Order for Relief entered by a Bankruptcy Court; or all or part of a franchisee's facilities be sold under an instrument to secure a debt and are not redeemed by franchisee within 30 days from said sale; or
(d) The franchisee attempts to or practices any fraud or deceit in its conduct or relations under the franchise.
(B) No such revocation shall be effective unless or until the City Council shall have adopted an ordinance setting forth the cause and reasons for the revocation and the effective date thereof which ordinance shall not be adopted without 30 days prior notice thereof to the franchisee and a full opportunity offered to the franchisee to be heard upon the proposed adoption of said ordinance. The franchisee shall not be declared in default or be subject to any sanction under any provision of this contract in any case in which the performance of any such provision is prevented for reasons beyond its control.