HomeMy WebLinkAboutResolutions - No. 91-169RESOLUTION NO. 91-169
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A RESOLUTION OF THE LODI CITY COUNCIL
APPROVING THE TRANSFER OF CONTROL OF KING VIDEOCABLE COMPANY
AND AUTHORIZING EXECUTION OF APPROPRIATE DOCUMENTS
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WHEREAS, King Videocable Company owns, operates and maintains
a cable television system in the City of Lodi, California pursuant to
Resolution No. 86-165 dated November 5, 1986 and Chapter 5.16 of the
Lodi Municipal Code; and
WHEREAS, King Videocable Company is a wholly-owned subsidiary
of King Broadcasting Company; and
WHEREAS, King Broadcasting Company has entered into an agreement
through which King Holding Corp. will become the owner of the stock of
King Broadcasting Company; and
WHEREAS, pursuant to Chapter 5.16.390 of the Lodi Municipal Code,
King Videocable Company has requested the consent of the City to the
transfer of control of King Videocable Company from the current
shareholders of King Broadcasting Company to King Holding Corp.; and
WHEREAS, THE City has considered the proposed transfer of control
and has found no reasonable cause to deny consent to the transfer of
control;
NOW, THEREFORE, BE IT RESOLVED, that the City hereby approves
the transfer of control of King Videocable Company from the current
shareholders of King Broadcasting Company to King Holding Corp.; and
BE IT FURTHER RESOLVED, that the consent herein granted shall be
effective upon the closing of the proposed transaction and King
Videocable Company shall notify the City promptly upon such closing;
and
BE IT FURTHER RESOLVED, that the City Manager and City Clerk are
hereby authorized to execute the appropriate documents on behalf of the
City; and
FURTHER RESOLVED, Resolution No. 91-137 adopted July 17, 1991 is
rescinded in its entirety.
Dated: September 4, 1991
RES91169/TXTA.02J
Resolution No. 91-169
September 4, 1991
Page Two
I hereby certify that Resolution No. 91-169 was passed and
adopted by the Lodi City Council in a regular meeting held September 4,
1991 by the following vote:
Ayes: Council Members - Pennino, Pinkerton, Sieglock, Snider
and Hinchman (Mayor)
Noes: Council Members - None
Absent: Council Members - None
Alice M. Reimche
City Clerk
91-169
RES91169/TXTA.02J