ORD NO 05-1994 ir
ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF VAN
BUREN, ARKANSAS, CONSENTING TO THE ASSIGNMENT OF THE
CABLE TELEVISION SYSTEM FRANCHISE FROM VAN BUREN T.V.
CABLE COMPANY, INC. TO WT ACQUISITION CORPORATION
WHEREAS, on February 10, 1994 the City Council of Van Buren,
Arkansas (the "Council granted to Van Buren T.V. Cable Company,
Inc. "VBTV a franchise (effective as of March 10, 1994) as set
forth in Ordinance No. 3 -1994, to own and operate a cable
television system in Van Buren, Arkansas (the "Franchise
WHEREAS, VBTV has executed an asset purchase agreeme;_t (the
"Purchase Agreement whereby VBTV has committed to sell and convey
the Van Buren cable television system and related assets (the
"System to WT Acquisition Corporation "WTAC d /b /a Classic
Cable, including all rights, title and interest of VBTV in the
Franchise, on or about May 31, 1994 (the "Closing Date and
WHEREAS, under the Franchise the grantee is required to obtain
the consent of the Council in order to assign its rights, title and
interest in the Franchise;
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF VAN BUREN, ARKANSAS, AS FOLLOWS:
Section 1. The Council hereby consents to and approves the
assignment by VBTV of its rights, title, and interest in the
Franchise to WTAC and assumption by WTAC of the obligations of VBTV
under the Franchise, subject to applicable law, which accrue from
and after the Closing Date.
Section 2. The Council confirms that (a) the Franchise is
currently in full force and effect and expires on March 9, 2014;
(b) VBTV is in substantial compliance with the provisions of the
Franchise, and; (c) there exists no known fact nor circumstance
which constitutes or which, with the passage of time or the giving
of notice or both, would constitute a default or breach under the
Franchise, or would allow the Council to cancel or terminate the
rights thereunder except upon the expiration of the full term
thereof.
Section 3. The Council hereby consents pursuant to Section
4.5 of the Franchise, that WTAC may transfer the Franchise and
control related thereto to any entity controlling, controlled by,
or under common control with WTAC, provided that WTAC shall give
notice thereof to the City of any such transfer to an affiliated
entity.
SECTION 4. This Ordinance shall not become effective until
WTAC purchases the System from VBTV and assumes the obligations
of VBTV under the Franchise.
PASSED AND APPROVED THIS 28TH OF FEBRUARY 1994
AWL- 4. 1. Z�
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ATTESTED:
CIT CLERK- TREASURER