CHAPTER 8A. CABLE COMMUNICATIONS SYSTEM.
Sec. 8A.480. Receivership.
(a) Upon the foreclosure or other judicial sale of the cable
communications system, or upon the termination of any lease covering the cable
communications system, grantee shall notify the city clerk of such fact, and
such notification shall be treated as a notification that a change in control of
grantee has taken place and provisions of this chapter governing the consent of
the council to such change in control of grantee shall apply.
(b) The city
shall have the right to revoke the franchise one hundred twenty days after the
appointment of a receiver, or trustee, to take over and conduct the business of
grantee, whether in receivership, reorganization, bankruptcy or other action or
proceeding, unless such receivership or trusteeship shall have been vacated
prior to the expiration of one hundred twenty days, or unless:
one hundred twenty days after his election or appointment, such receiver or
trustee shall have fully complied with all the provisions of the franchise and
remedied all defaults thereunder; and
(2) Such receiver or trustee, within
one hundred twenty 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 the franchise.
(Ord. No. 1097, § 1 (part).)