A. The licensee shall not sell, transfer, assign, exchange or release, or permit the sale, transfer, assignment, exchange or release of more than five percent of the cumulative ownership of the cable system without prior written authorization from the county.
B. For purposes of this section, a merger or consolidation shall be deemed a transfer or assignment.
C. Nothing in this section shall be deemed to prohibit a pledge or hypothecation or mortgage or similar instrument transferring condition ownership of the system's assets to a lender or creditor in the ordinary course of business, unless such interest shall exceed seventy-five percent of the original cost or the fair market value, whichever is higher.
(Ord 1997-17 § 2, 1997; Prior code § 19.08/040)