HomeMy WebLinkAboutResolution 91-027 authorizing jones intercable to grant certain rights under the cable communication system license(~089)
TOWN OF MARANA, ARIZONA
RESOLUTION NO. 91-27
A RESOLUTION AUTHORIZING JONES INTERCABLE,
INC. TO MORTGAGE, PLEDGE OR GRANT A SECURITY
INTEREST IN THE CABLE COMMUNICATIONS SYSTEM
LICENSE, THE CABLE TELEVISION SYSTEM OR ANY
PART THEREOF
WHEREAS, on July 21, 1987, the Town Council of the
Town of Marana, State of Arizona (the "Town of Marana") adopted
the Cable Comm.nlca~ions Ordinance and Ordinance No. 87.09,
approving and a~opting the Cable Communications Ordinance as
the Town's formal Cable Communications Code (~he "Ordinance");
WHEREAS, on September 19, 1988, the Town
granked to 0o.]es Intercable, Inc. ("Jones"),
Communications System License (the "Franchise");
of Marana
a Cable
WHEREAS, Jones intends, from time to time, to enter
into financing arrangements with its lending institution or
institutions and such lending institution or institutions
generally require Jones to pledge the assets of its cable
teIevision systems, including the Franchise as security for its
loans; and
WHEREAS, the Franchise and Ordinance may require tile
consent of the Town of Marana to pledge, encumber, or gra,t a
security interest in the Franchise;
NOW, THEREFORE, BE IT RESOLVED by the Town Council of
the Town of Marana that:
1. Jones is hereby authorized ~o grant from time to
time, on such terms, covenants and conditions as may be agreed
upon, to parties who lend funds to Jones ("Secured Parties"),
the following rights and powers:
a) a lien on and security interest in all of Jones'
right, title and interest in, to ~nd under the
1 icense;
all other rights and remedies of a secured party
under the Uniform Commercial Code of Arizona,
including:
1) foreclosure and realization upon Jones'
right, title and interest ill, to and under
the license;
2)
the tra~]sfer of title to the license to the
Secured Paz ties;
3)
the sale or other disposition of the rights
and obligations u,~der the license by the
Secured Parties to third palties; p[ovided,
however, that the consent of the Town
Council must be obtained to:
a)
the designation of persons or enlities
to whom such sale or disposition is ~o
be made, and
b)
the appointment of any receiver or
inte[im person,s or entities designated
by the Secured Parties to operate under
such license.
WHEREAS, it is necessary for the preservation of tile
peace, health and safety of the Town of Marana, Arlzo~a, sn
emergency is declared to exist, and this resolution shall be
effective immediately upon its passage and adoption.
PASSED AND ADOPTED by; the Mayor and Town Council of
the Town of Marana, Arizona this 17thday of December, 1991.
APPROVED this 17_th day of
affirmative vote of three-fourths of
Council of the Town of Maralia, Arizona.
December, 1991 by tile
the members of the Town
Mayor
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