HomeMy WebLinkAbout88-066 CITY OF LAKEVILLE
RESOLUTION
Date May 16, 1988 Resolution No. 88-66
Motion by Sindt Seconded by Enright
RESOLUTION APPROVING THE CHANGE OF CONTROL OF METRO CABLE, INC.,
A MINNESOTA CORPORATION, TO STAR MID AMERICA IV, INC., A WISCONSIN
CORPORATION, SAID FRANCHISE HAVING BEEN ORIGINALLY GRANTED BY
ORDINANCE NO. 199
WHEREAS, the shareholders of Metro Cable, Inc. ("Metro") have
agreed to sell all of their shares of Metro to Star Mid America IV,
Inc., a Wisconsin corporation ("Star");
WHEREAS; as a result of such sale,, Star will control Metro; and
WHEREAS,. at the request of Metro on behalf of Star, and in the best
interests of the Municipality, it is deemed that such. sale is hereby
aPProved.
THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF .THE CITY OF
LAKEVILLE:
SECTION. i. That Ordinance No. 199 (which is in full force and
effect) which granted. to Metro the right and franchise to erect,.
maintain and operate a CATV system in, under, over,. along, across and
upon the streets, avenues., sidewalks, alleys, bridges and highways and
other .public places in the municipality for the purpose of transmission
and distribution by wire or cable CATV .programs,. various communications
and :other electronic services for sale to the inhabitants of the
Municipality,. and any and all amendments thereto, remain in full force
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and effect and that the transfer of stock of Metro (the current holder
of the Franchise) to Star be hereby ratified and. approved in all
respects.
SECTION 2. That Star may assign or otherwise grant a security
.interest in and lien upon .the capital stock and assets of Star and-any
of the rights, title and interest represented by the cable franchise
held by Star as collateral for their financings.
SECTION 3. That this Resolution shall become. effective and valid
between the Municipality and Star when the sale contemplated. by that
certain Stock PUrchase Agreement dated April 1988, by and among
Star, rietro .and each of the shareholders of Metro is consummated and
Star .files a written acceptance of this Resolution agreeing to cause `it
• to continue to adhere to and perform all of the terms and conditions"of
Ordinance No. 1.99, and any and all. amendments thereof. If written.
acceptance of this Resolution is not filed within ninety (90) days after.
passage of this Resolution, then this Resolution shall be void.
APPROVED AND ADOPTED by the City Council of the City of Lakeville
this 16th-day of May, 1988.
CITY OF LAKEVILLE
BY:
Du ne Zaun, M r
ATTEST: J/~. ~
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atrck E. McGarvey City Clerk
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