HomeMy WebLinkAbout1981-21 Concerning the Town's Approval of the sale of the Cable Television Systemi
RESOLUTION #z1
Series of 1981)
A RESOLUTION CONCERNING THE TOWN OF VAIL`J
APPROVAL OF THE SALE OF THE CABLE TELEVISION
SYSTE(~9 AND THE ASSIGNMENT OF THE FRANCHISE
AND CONTRACTUAL RIGHTS PELATIVE THERETO, TO
HERITAGE COMMUNICATIONS, INC.; APPROVING
CERTAIN A~~END~1ENTS AfVD ADDITIONS TO THE
FRANCHISE AND COLLATERAL RGREEMENT RELATIVE
TO THE CABLE TELEVISION FRANCHISE; AND,
SETTING FORTH DETAILS RELATING THERETO.
WHEREAS, the Town of Vail by Ordinance #14, Series of 1974,
granted a cable television franchise to Community Television
Investment, Inc. (CTI) and simultaneously entered into an agreement
dated September 3, 1974, with CTI relating to certain mutual obligations
of the parties under said franchise; and
WHEREAS, the sale of the cable television franchise from CTI to
Vail Cable Communications, Inc. was approved by the Town Council on
September 7, 1976; and
WHEREAS, Vail Cable Communications, Inc., has agreed to sell
the cable television system and assign its rights and responsibilities
under said franchise and collateral agreement to Heritage Communications,
Inc.; and
WHEREAS, the Town has entered into negotiations with Vail Cable
Communications, Inc., and Heritage Communications, Inc., relative to
the operation of the system and the required approval by tY~e Town of
Vail of the proposed sale. Said negotiations have resulted in certain
additions and amendments to the rights and responsibilities of the
three parties as specified in the franchise and collateral agreement
and those agreements and amendments have been specified in letters
between the parties.
NOW, THEREFORE, BE IT RESOLVED BY THE TOl~1N COONCIL OF THE TOWN
OF VAIL, COLORADO, THAT:
1) The Town Council hereby approves the transfer by Vail Cable
Communications, Inc., of its television cable system, all of it's rights
under the franchise granted under Ordinance X14, Series of 1974, and
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the ca71ateral agreement dated September 3, 1974, which was earlier
assigned to it by GTI.
Section 2. ~ihe amer;dment to the cable television franchise
orti7inance and co~ilateral agreement as specified above as contained
in the Addendu~~ which 'is attached hereto and by this reference made
a part hereof, 'is her~.~by «ppraved by the Town Council. Said addendum
shall be added to the franchise ordinance and collateral agreement and
shall be binding upon the Town of Vail, Vail Cable Communications, Inc.,
and Heritage Communications, Inc.
Section 3. No sale or transfer of the cable television franchise
shall be effective until Heritage Communications, Inc., has acquired
the cable system and is filed in the office ofi the Town Clerk of the
Town of Vail a satisfactory instrument duly executed reciting the fact
of said sale and accepting the terms of said franchise and said agree-
ment, and agreeing to perform all conditions thereof, all conditions
of the addenda added thereto by this Resolution, and provided further
that said transfer must take place not later than August 30, 1981.
INTRODllCED, READ, APPROVED AND ADOPTED THISIgth day of August,
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Mayor ~ ," '
ATTEST:
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Town Clerk
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