HomeMy WebLinkAboutResolution No. 8260RESOLUTION NO. 8260
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
AZUSA CONSENTING TO THE ASSIGNMENT OF A SECURITY
INTEREST IN THE CABLE TELEVISION FRANCHISE
WHEREAS, on May 6, 1974, the City Council of the City
of Azusa adopted Ordinance No. 1092 granting to Cable Service of
Azusa, Inc. a cable television franchise to construct, operate
and maintain a CATV system within the City of Azusa (the
"Franchise");
WHEREAS, on October 4, 1982, pursuant to Resolution
7187, the City Council of the City of Azusa consented to the
transfer of the Franchise from Cable Service of Azusa to Jones
Intercable, Inc., general partner and nominee, for Cable TV Fund
10, a limited partnership;
WHEREAS, Cable TV Fund 10-C, Ltd., a Colorado limited
partnership (the "Partnership") of which Jones Intercable, Inc.
is the general partner, is the Cable TV Fund 10 limited
partnership which bought the assets of Cable Service of Azusa,
including the Franchise, and which operates the CATV system in
the City of Azusa pursuant to such Franchise;
WHEREAS, on July 5, 1983, pursuant to Resolution 7296,
the City Council of the City of Azusa consented to change the
name of the Franchise holder to Cable TV Fund 10-C Ltd., a
Colorado limited partnership;
WHEREAS, on June 30, 1983, the Partnership, Wells Fargo
Bank, National Association ("Wells Fargo"), Mellon Bank, N.A. and
Republic Bank Dallas, N.A. entered into a loan agreement (the
"Original Loan Agreement") secured in part by the Partnership's
rights under the Franchise and pursuant to which the banks have
made certain loans to the Partnership;
WHEREAS, Mellon Bank, N.A. and Republic Bank Dallas,
N.A. have agreed to assign to Wells Fargo all of their rights,
title and interest in the Original Loan Agreement, the notes
delivered thereunder and the related security agreement;
WHEREAS, the Partnership and Wells Fargo plan to enter
into an amended and restated loan agreement (the "Amended Loan
Agreement") pursuant to which Wells Fargo will agree to make
loans to the Partnership in an amount, including loans
outstanding under the Original Loan Agreement, up to but not
exceeding $8,500,000;
WHEREAS, the Partnership and Wells Fargo have requested
an Estoppel Certificate from the City Council of the City of
Azusa in connection with the foregoing transaction.
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF
THE CITY OF AZUSA, BY AND THROUGH ITS GOVERNING BODY, DOES HEREBY
FIND AS FOLLOWS:
SECTION 1. (a) The Partnership is the holder of the
entire right, title and interest of the franchisee under the
Francise.
(b) Pursuant to Resolution No. 7381, the
expiration date of the Franchise is January 2, 1995. To the best
knowledge of the City of Azusa, all conditions precedent to the
Partnership's full use and enjoyment of all rights and benefits
under the Franchise have been duly satisfied.
(c) The City is presently unaware of any
default in the performance or observance of any of the
provisions, covenants, terms or conditions of the Franchise.
However, this finding is made without prejudice to the potential
discovery of additional facts which may indicate that there has
been a default in the performance or observance of one or more of
the provisions, covenants, terms or conditions of the Franchise.
(d) The assignment to Wells Fargo of the
security interest in the Franchise does not constitute a default
under the Franchise and the City Council of the City of Azusa
hereby consents to the same.
SECTION 2. The City Clerk shall certify the adoption
of this Resolution.
PASSED, APPROVED AND ADOPTED this 15th day of June
1987.
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Azusa, at a regular
meeting thereof, held on the 15th day of June 1987, by the
following vote of the Council:
AYES:
COUNCIL
MEMBERS:
CRUZ, LATTA, MOSES
NOES:
COUNCIL
MEMBERS:
NONE
ABSENT: COUNCIL MEMBERS: AVILA
ABSTAIN: COUNCIL MEMBERS: COOK
CITY CLERK