HomeMy WebLinkAbout2005-43Resolution 2005-43
Consent to Assignment and Change of Control
WHEREAS, A cable television franchise has been granted by the Town of Pulaski, VA
("Franchise Authority") to an entity ("Franchisee") that is an indirect subsidiary of
Adelphia Communications Corporation ("Adelphia"); and
WHEREAS, Adelphia is currently in Chapter 11 bankruptcy proceedings; and
WHEREAS, Pursuant to an Asset Purchase Agreement dated Apri120, 2005 between
Adelphia and Time Warner NY Cable LLC ("TWNY"), the right to purchase the
Franchisee cable system will be assigned by TWNY to a wholly owned subsidiary of
TWNY, Cable Holdco Exchange III LLC, which will purchase the cable system and
franchise (the "Adelphia Transaction"); and
WHEREAS, Pursuant to an Exchange Agreement dated April 20, 2005 between Time
Warner Cable Inc. and Comcast Corporation ("Comcast"), 100% of the equity securities
in the Comcast subsidiary C-Native Exchange I, LLC will be exchanged for 100 percent
of the equity securities of Cable Holdco Exchange III LLC whereby that entity will
become a 100 percent indirect subsidiary of Comcast (the "Exchange Transaction"); and
WHEREAS, Franchise Authority has concluded its approval is necessary for the above
described Adelphia Transaction and Exchange Transaction and has been provided an
FCC Form 394 and related information for such Transactions; and
WHEREAS, the Franchise Authority is willing to consent to the Adelphia Transaction
and the Exchange Transaction described above.
NOW, THEREFORE, IT IS RESOLVED AS FOLLOWS:
SECTION 1. The foregoing recitals are approved and incorporated herein by reference.
SECTION 2. The Franchise Authority consents to the Adelphia Transaction described
herein.
SECTION 3. The Franchise Authority consents to the Exchange Transaction described
herein.
SECTION 4. This Resolution shall be deemed effective upon adoption.
SECTION 5. This Resolution shall have the force of a continuing agreement with the
Franchisee and the Franchise Authority shall not amend or otherwise alter this Resolution
without the consent of the Franchisee.
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The Resolution is effective upon adoption and is hereby adopted this lst day of November
2005, be recorded vote of the Town Council of the Town of Pulaski, as follows:
Jeffrey S. Worrell -Aye
Dan Talbert, Jr. -Aye
Bettye H. Steger -Absent
Lane R. Penn -Aye
John T. Bolen -Aye
Joel B. Burchett, Jr. -Aye
Town of Pulaski, Virginia
By:
Charles L. Wade, Mayor
ATTESTED:
Patricia Cruise, Clerk of Council
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