(a) Assignment or Transfer Approval Required. A Certificate of Registration shall not be assigned or transferred, either in whole or in part, other than to an Affiliate, without the prior written consent of the City, which consent shall not be unreasonably withheld. This includes an assignment or transfer by means of a fundamental corporate change or fundamental partnership change.
(b) Procedure to Request Assignment or Transfer Approval. The parties to the assignment or transfer of a Certificate of Registration shall make a written request to the City for its consent in the form of the certificate of registration application. The city shall reply in writing within sixty (60) days of actual receipt of the request and shall indicate its approval of the request or its determination that a public hearing is necessary. City may conduct a public hearing on the request within thirty (30) days of such determination if it determines that a sale or transfer of the certificate of registration adversely affects the city.
(c) Review by City. The City will review the qualifications (including, but not limited to legal, technical and financial where appropriate) of the proposed assignee or transferee and terms of the existing Certificate of Registration. Within one hundred and twenty (120) days of actual receipt of the request for assignment or transfer, the City shall approve or deny such assignment or transfer request in writing.
(d) Fundamental Corporate Change. For purposes of this section, fundamental corporate change means the sale or transfer of a controlling interest in the stock of a corporation or the sale or transfer of all or a majority of a corporation’s assets, merger (including a parent and its subsidiary corporation), consolidation or creation of a subsidiary corporation. For the purposes of this section, "fundamental partnership change means the sale or transfer of all or a majority of a partnership’s assets, change of a general partner in a limited partnership, change from a limited to a general partnership, incorporation of a partnership, or change in the control of a partnership.
(e) Certificate of Registration and Assignee/Transferee Replacement Issuance Required. In no event shall a transferee or assignee’s use of the right of way be acceptable to the City without a transferee or assignee requesting and being issued a replacement Certificate of Registration.
(f) Excluded Transfers. Notwithstanding anything to the contrary, no such consent or approval shall be required for a transfer or assignment to an Affiliate. However, notice of the transfer or assignment to an Affiliate shall be provided to the City within ninety (90) days of the transfer or assignment. (Ord. 13-19. Passed 9-9-19.)