HomeMy WebLinkAbout2406RESOLUTION NO. 2406
A RESOLUTION affirming that Olympic Cablevision was the current cable
television franchisee on the date of approval by City Council of Ordinance No. 4385,
and approving the assignment of a security interest in the cable television system,
its assets and the franchise in connection with the f'mancing and operation of the
cable television system.
WHEREAS, Olympic Cablevision, a limited partnership, (hereinafter referred to as
"Olympic"),operates a cable television system in Bremerton, Washington, pursuant to a valid
franchise originally granted by the City of Bremerton pursuant to Ordinance No. 3981, dated
September 4, 1985 and as amended by Ordinance No. 4206; and
WHEREAS, Olympic and Falcon Video Communications, L.P.,a Delaware limited
partnership, (hereinafter referred to as "Falcon"), have entered into a Stock Purchase
Agreement by and among Olympic, its General Partner (Vista Olympic, Inc., a Washington
corporation), its limited partners and Falcon providing for: (a) the transfer and assignment
of the partnership interests of Olympic to a corporation to be formed CNewco"),including
all the rights and obligations under the franchise in return for all the shares of Newco; (b)
the transfer and assignment of the shares of Newco to Falcon; and (c) the liquidation of
Newco and the transfer of the assets of the system to Falcon, including all of the rights and
obligations under the Franchise (said transactions are hereafter referred to as the "Franchise
Transfer and Assignment"); and
WHEREAS, the City Council of the City of Bremerton authorized transfer of
Olympic Cablevision to Falcon by Ordinance No. 4385, dated August 19, 1992; now,
therefore,
BE IT RESOLVED by the City of Council of the City of Bremerton that:
1. The City hereby affirms that on the date of approval of Ordinance No 4385,
Olympic was the current, lawful holder of the franchise, that the franchise was validly issued
and remained in full force and effect and that no event has occurred which, except for the
failure to give notice or the passage of time or both, would constitute breach or non-
compliance or default by Olympic under the terms of the franchise.
2. The City hereby approves the Franchise Transfer and Assignment to Falcon and
Falcon's assumption of all rights and obligations under the Franchise effective as of the
period from and after the consummation of the Franchise Transfer and Assignment.
Approval is also granted for the assignment of a security interest in the cable television
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system, its assets, and the franchise by Falcon to the banks or financial institutions providing
funds for the financing of the acquisition and operation of the cable television system. In
the event that such banks or financial institutions enforce their security interest in the
Franchise upon a default by Falcon under its financing documents such banks or financial
institutions will be required to obtain the consent of the City in order to assign the
Franchise and the cable television system to any third party.
PASSED by the City Council of the City of Bremerton this 16th day of September, 1992.
LYNN HORTON
Council President
APPROVED this 18 day of September, 1992.
LOUIS MENTOR, Mayor
ATTEST:
KATHLEEN L. McCLUSKEY,Clerk
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