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HomeMy WebLinkAbout1976-16 Approval of CTI's Sale of its CATV System and Assignment of Franchise and Contract Rights to Vail Cable Communications Inci RESOLUTION NO. 16-76 A RESOLUTION CONCERNING TOWN OF VAIL APPROVAL OF CTI`s SALE OF ITS CATV SYSTEM AND ASSIGNMENT OF FRANCHISE AND CONTRACT RIGHTS TO VAIL CABLE COMMUNICATIONS, INC. WHEREAS, the Town of Vail by Ordinance No. l4, Series of 1974, effective September 3, 1974, granted a CATV 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, GTT has agreed .in principal to sell its CATV system and assign its rights under said franchise and contract to Vail Cable Communications, Inc. of which Mr. Frank Thompson is the principal owner and operator; THEREFORE, BE IT RESOLVED, that the Town Council hereby approves the transfer by Community Television Investment, Inc. of its cable system, all of its rights under the CATV franchise granted under Ordinance No. 14, Series of 1974, and aI1 of its rights under the Agreement dated September 3, 1974, to Vail Cable Communications, Inc., PROVIDED HOWEVER, that no sale or transfer of the CATV franchise shall be effective until Vail Cable Communications, Tnc. has acquired the cable system and has filed in the office of the Town Clerk of the Town of Vail a satisfactory instrument duly executed reciting the fact of such sale and accepting the terms of said franchise and said agreement and agreeing to perform all conditions thereof; and provided further that such transfer must take place nat later than November 30, 1976. day of Septembe ATTEST: Mayor Town GI e This resolution shall take effect upon its adoption. INTRODUCED, READ, APPROVED, AND ADOP ED, this 7th r, 1976.