(A) Termination. The license shall terminate, upon the expiration of the term thereof, unless renewal is applied for, as provided in § 115.07 of this chapter.
(B) Revocation. Sufficient cause for revocation shall exist when the licensee:
(1) Fails to comply with any provision of this chapter or the license agreement;
(2) Makes willful or misleading statements in any application;
(3) Engages in the practice of any misrepresentation, fraud or deceit upon the town, its residents, subscribers or any other governmental entity or agency;
(4) Fails to abide by the privacy provision of this chapter;
(5) Fails to make timely payment of any monies due the town pursuant to this chapter; and
(6) Fails to commence construction in the license area within six months and to commence basic service within 18 months from the effective date of the license agreement.
(C) Appeal of revocation. The town shall deliver to the licensee written notice of intent to revoke setting forth causes for revocation. A public hearing on this revocation shall be held by the Council no less than 30 days after issuance of said notice.
(D) System disposal.
(1) In the event of termination or revocation of a license, the licensee involved shall offer to sell the cable system, at the fair market value, to a new licensee or applicant for a license. The fair market value shall be determined in accordance with generally accepted appraisal procedures. The original cost of all tangible and intangible property, as well as salvage value, book value, replacement cost, cash flow and other factors will be considered. Under no circumstances shall any valuation be made for any right or privilege granted by license.
(2) Should the licensee fail to negotiate a sale, as described above, the town may purchase the system at the fair market value for the purpose of leasing to a qualified operator until a buyer can be found.
(E) Continuity of service.
(1) At the discretion of the town, the licensee shall provide continuous service for the entire term of the license agreement to all subscribers and users in return for payment of the established rates, fees and charges.
(2) If licensee seeks to sell or transfer, or if the town revokes or fails to renew the license, the licensee shall continue to operate the system as trustee for its successor in interest until an orderly and lawful change of operation is effected.
(3) This period of operation shall not exceed six months from the occurrence of any of the above events, and the town, in its discretion, may shorten said period.
(Prior Code, § 14-1-10)