A. Foreclosure: Upon the foreclosure or other judicial sale of the system, the operator shall notify the city of such fact and such notification shall be treated as a notification that a change in control of the operator has taken place, and the provisions of this chapter governing the consent to transfer or change in ownership shall apply without regard to how such transfer or change in ownership occurred.
B. Receivership: The city shall have the right to cancel any franchise granted pursuant to this chapter subject to any applicable provisions of state law, including the bankruptcy act, one hundred twenty (120) days after the appointment of a receiver or trustee to take over and conduct the business of the operator, whether in receivership, reorganization, bankruptcy or other action or proceeding, unless such receivership or trusteeship shall have been vacated prior to the expiration of said one hundred twenty (120) days, or unless:
1. Within one hundred twenty (120) days after his election or appointment, such receiver or trustee shall have fully complied with all the provisions of this chapter, and remedied all defaults thereunder; and
2. Such receiver or trustee, within said one hundred twenty (120) days, shall have executed an agreement, duly approved by the court having jurisdiction in the premises, whereby such receiver or trustee assumes and agrees to be bound by each and every provision of this chapter.
C. Abandonment: The operator may not abandon any portion of the system without having first given three (3) months' written notice to the city. The operator may not abandon any portion of the system without compensating the city for reasonable, actual damages resulting from the abandonment. (Ord. 99-2, 4-5-1999, eff. 4-19-1999)