HomeMy WebLinkAboutRes 1994-42L
RESOLUTION NO.1994-42
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL
OF THE TOWN OF FOUNTAIN HILLS,ARIZONA,
APPROVING THE TRANSFER OF CONTROL OF
AMERICAN CABLE TELEVISION,INC.,THE FOUNTAIN
HILLS LICENSE HOLDER TO COX CABLE
COMMUNICATIONS,INC.PURSUANT TO ARTICLE 13-12
OF THE TOWN CODE.
WHEREAS,the Town has entered in to a license agreement with American Cable
Television,Inc., an Arizona corporation for the provision of cable television services in the
Town of Fountain Hills;and
WHEREAS,the license agreement and the Town Code,Article 13-12,provides that
the licensee must obtain the prior written consent of the Town Council for the transfer of
control of the license;and
WHEREAS,Licensee's ultimate controlling entity,The Times Mirror Company,has
announced its plans pursuant to an Agreement and Plan of Merger by and among the
Times Mirror Company ("Times Mirror"),NewTMC inc., Cox Cable Communications,Inc.
("Cox Cable") and Cox Enterprises,Inc.dated June 5,1994 to transfer its non-cable
related assets to New TMC Inc.,following which Times Mirror (then holding only its
remaining cable assets)will merge into Cox Cable, a public company,which will become
the owner of the stock of licensee;and
WHEREAS,on the closing date of the above-described merger transaction,
approximately twenty percent (20%)of the shares of Cox Cable will be transferred to
Times Mirror's public stockholders and the remaining shares of Cox Cable will be owned
by Cox Enterprises,Inc.or one of its wholly owned subsidiaries; and
WHEREAS,the Licensee will remain the same entity following the merger,but will
be controlled, directly or through a subsidiary, by Cox Cable and will be ultimately
controlled by Cox Cable's controlling entity, Cox Enterprises,Inc.;and
WHEREAS,after evaluating the proposed transaction described above,the Town
has determined that it is in the best interest of the Town and the residents thereof to
approvethe transferof control ofthe License from AmericanCableTelevision Inc.to Cox
Cable.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE TOWN OF FOUNTAIN HILLS AS FOLLOWS:
Section 1.That the transfer of control of the License from American Cable
Television Inc.to Cox Cable Is hereby approved.
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Section 2.That the Town hereby affirms that,as of the date of this Resolution,
its license agreement with the licensee is valid and remains in full force and effect.
PASSED AND ADOPTED THIS 15th DAY OF September,1994.
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ATTEST TO:
Cassie B.Hansen,Town Clerk
APPROVED AS TO FORI
William E.Farrell,Town Attorney
REVIEWED BY:
Paul Nordin,Town Manager
John M. Cutillo,Mayor