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<br />Resolution 8039 <br /> <br />Page 2 <br /> <br />WHEREAS, the Commission has recommended to City approval of the <br />transfer of control of Group W Cable of the North Suburbs, Inc. to <br />North Central subject to the actual closing of the stock sale; and <br /> <br />WHEREAS, the Commission has also recommended approval of a request <br />by North Central to permit the pledge as security to its lenders <br />the stock and assets of North Central and its subsidiaries, which <br />would include Group W Cable of the North Suburbs, Inc.; and <br /> <br />WHEREAS, the City does not Object to such security interest in the <br />stock and assets; <br /> <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of <br />Roseville: <br /> <br />1. That the City hereby approves the sale by Group W Cable, Inc. <br />of all of the issued and outstanding shares of the capital <br />stock of Group W Cable of the North Suburbs, Inc., and the <br />transfer of control of Group W Cable of the North Suburbs, Inc. <br />to North Central subject to an actual closing of the stock sale <br />transaction on or before December 31, 1986, pursuant to the <br />terms and conditions as evidenced by the Notice of Transfer to <br />said Commission and City and all written representations from <br />North Central associated therewith. <br /> <br />2. The City approves the pledge by North Central as security to <br />its lenders the stock and assets of North Central and Group W <br />of the North Suburbs, Inc. <br /> <br />The motion for the adoption of the foregoing resolution was duly <br />seconded by Member Kehr, and upon a vote being taken thereon, the <br />following voted in favor thereof: Cushman, Kehr, Matson, and <br />Johnson, and the following voted against the same: None. <br /> <br />WHEREUPON said resolution was declared duly passed and adopted. <br /> <br />STATE OF MINNESOTA) <br />) SS <br />COUNTY OF RAMSEY ) <br /> <br />I, the undersigned, being the duly qualified City Manager of the <br />City of Roseville, County of Ramsey, State of Minnesota, do hereby <br />certify that I have carefully compared the attached and foregoing <br />extract of minutes of a regular meeting of said City Council held <br />on the 27th day of October, 1986, with the original thereof on file <br />in my office. <br /> <br />WITNESS MY HAND officially as such Manager this 28th day of <br />Octob€:r, 1986. <br /> <br />04.."",,2 ,,/ ~ <br /> <br />V James F. ndre- <br />City Manager <br /> <br />SEAL <br />