HomeMy WebLinkAbout86-059� STATE OF MI NI�SOTA
, COUNTY OF RAMSEY
CITY OF ARDFN HILLS
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• RESOLUTION 1V�0. 86-59 APPROVING
THE TRANSFER OF OWNERSHIP OF GROUP W CA$LE
OF THE NORTH SUBURBS, INC.
WHEREAS, Group W Cable, Inc7, a New York Carporation
(hereinafter "Group W Cable"), by and through Gro�p W Cable
of the North Suburbs, Inc., a wholly-owned subsidiary, owns,.
operates and maintains a cable television system in the City
pursuant to the terms and conditions of City Ord:inance No..
226 (hereinafter "Cable Communications Franchise
. Ordinance"); and :
WHEREAS, Group W Cab1e desires to'sell and otherwise
transfer all of the issued and outstanding shares of the
capital stock of Group W Cable of the North Su6urbs, Inc. to
North Central Cable Communications Corporation (hexeinafter
"North Central") and ther�by transfer control of Group W
:` Cable of the North Suburbs, Inc. , to North Central; and `
i WHEREAS, Group W Cable has requested the cansent from
the City to a change in ownership and control of Group W-
Cable of the North Suburbs, Inc., to North Central; and :
WHEREAS, the Narth Suburbs Cable Commission (hereinafter
"Commission") has been delega�ted the authority anci responsi-
;, bility to coordinate, administer and enforce the Cable Com-.
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munications Franchise Ordinance on behalf of City pursuant _
to the terms of a Joint and Cooperative Agreement for the
Administration of a Cable Television Franchise; and
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WHEREAS, the Commission has held a public hearing on
behalf of City and has reviewed the legal, technical, and
financial qualifications of North Central and finds no rea-
sonable basis to deny the request for transfer as a result
of said review; an8
WHEREAS, the Commission has�recommended to City approval
of the transfer of contro� of Group W Cable of the North
Suburbs, Inc. to North Central subject to the actual closing
of the stock sale; and
WHEREAS, the Commission has also recommencled approval of
a request by North Central to permit the pledge as sec�rity
to its lenders the stock and assets of North Central and its
subsidiaries, which would include Group W Cable of the North
Suburbs, Inc.;
WHEREAS, the City does not object to such security ;
. interest in the stock and assets. :
NOW THEREFQRE., BE IT RESOLVED by the City Couricil of the
;' City of Arden Hills :
,j' 1. � That the City hereby approves the sale by ,
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Group W Cable, Inc. o€ all of the issued and
� outstanding shares o€ the capital stock of
Group W Cable of the North Suburbs, Inc. and
the transfer of control-of Group W Cable of
' the North Suburbs, Inc. to North Central sub-
�' ject to an`actual closing of the stock sale
transaction on or before �ecember 31, 1986
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y
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� pursuant to the terms and conditions as
evidenced by the Notice of Tra�sfer to said
Commission and City and all written repre-
sentations from North Central �ssociated
. therewith.
2. The City approves the �ledge by,North Central
as security to its lenders the stock and
� assets of North Central ana Grvup W of the
North Suburbs, Ine.
The above listed resolution was moved by Council Member
Hicks , and duly seconded by Council
Member Sather ,
The following Council Members votec7 in the affirmative:
Mayor Woodburn, Council members Hansen, Hicks, Peck, and '
Sather.
The following Council'Members voted in the negative:
None
Passed and adopted this 27�� day of October , :
1986. :
�` ATTEST:
_ �*���e.�--
May r
.City A ministrator
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. The undersigned, the Clerk Administrator of the City
of Arderi Hills, Minnesota, does hereby certify that attached
hereto is a true and correct copy of Resolution No. 86-59,
which Resolution�was duly adopted by the City Council on
October 27, 1986, and is in full force and effect on the date
hereof. -
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Charlatte McNiesh
Clerk Administrator
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