(A) The right, privilege and franchise under this chapter and the system shall not be assigned or transferred, except to an affiliate of the company, either in whole or in part or leased or sublet, in any manner, nor shall title thereto, either legal or equitable, or any right, interest, or property therein, pass to or vest in other than the company either by the act of the company or by operation of law without the prior express approval of the municipality. The granting, giving or waiving of any 1 or more 24 of such approvals shall not render unnecessary any subsequent approvals. The municipality shall not unreasonably withhold such approval. If the municipality fails to grant or deny consent within 60 days following receipt of a request for consent to transfer by the company, such consent will be deemed given.
(B) The consent or approval of the municipality to any such assignment, lease, transfer, sub-lease, pledge or mortgage shall not constitute a waiver or release of the rights of the municipality in and to the public right-of-way.
(C) Nothing in this section shall prohibit a mortgage or pledge of the system or any part thereof or a leasing by the company of the system or part thereof in order to secure indebtedness. Any such mortgage, pledge, or lease shall be subject and subordinate to any rights of the municipality and subscribers under this chapter and notice of the filing of any such document generally describing its contents and the parties thereto shall be furnished to the city not less than 30 days prior to its execution.
(Ord. 1416, passed 5-25-1993)