HomeMy WebLinkAboutRES 88-15RESOLUTION NO.88-15
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE
JUNCTION, ARIZONA,AUTHORIZING TRIAX MIDWEST ASSOCIATES,L.P.,
TO ASSIGN OR PLEDGE ASSETS,INCLUDING THE CABLE TV FRANCHISE,
AS COLLATERAL FOR LOANS.
WHEREAS,Dowden Cable Partners,L.P.("Assignor")is the holder of the
cable television franchise (hereinafter,the "Cable TV Franchise")in the
City of Apache Junciton;and
WHEREAS,the City has consented to the transfer of the Cable TV Franchise
by Assignor to Triax Midwest Associates,L.P.("Assignee")by Ordinance No.
620 of the City Council dated April 21,1988;and
WHEREAS,Assignee has agreed to assign and pledge the Cable TV Franchise
as collateral for loans to be made to Assignee;and
WHEREAS,the Cable TV Franchise requires that the governing body of the
City grant its consent t o the assignment and pledge of the Cable TV Franchise
prior to any such assignment and pledge.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY
OF APACHE JUNCTION,ARIZONA,AS FOLLOWS:
Assignee shall have the right and authority to assign or pledge to any
lender(s)as collateral for loans,all of Assignee's rights,title and
interest in its assets,including the Cable TV Franchise,and lender(s)
shall have the rights of a secured creditor with respect thereto under the
Uniform Commercial Code,as enacted under the laws of the State.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,
ARIZONA,THIS 7TH DAY OF JUNE ,1988.
SIGNED AND ATTESTED TO THIS 8TH DAY OF JUNE ,1988.
KATHLEEN CONNELLY
City Clerk
AkROVED AS ,JO FORM:
DAVI
City
[_—,---KORTQAN S.HILL
14.
Mayor
By Kenneth Bluntschly,Vice Mayor