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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. L L 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. a£4u*(3.)$udc*K.i/.'c^m 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