§ 26-24. Restrictions on assignment of franchise.

(a)

The franchise shall not be assigned or transferred, either in whole or in part, leased or sublet in any manner, nor shall title thereto, either legal or equitable, or any right, interest or property therein, pass to or vest in any person either by the act of a grantee or by operation of law without the consent of the governing body. The granting, giving or waiving of any one or more of such consents shall not render unnecessary any subsequent consent or consents.

(b)

The consent or approval of the governing body to any assignment, lease, transfer or sublease of the franchise shall not constitute a waiver or release of the rights of the city in and to the streets.

(c)

Prior approval of the governing body shall be required where ownership or control of more than ten percent of the right of control of grantee is acquired by a person or group of persons acting in concert, none of whom already owns or controls ten percent or more of such right of control, singularly or collectively, at the date the franchise is granted. By its acceptance of the franchise, a grantee specifically agrees that any such acquisition occurring without prior approval of the governing body shall constitute a violation of this chapter by a grantee.

(d)

Nothing in this section shall be deemed to prohibit a mortgage or pledge of the CATV system equipment or any part thereof or a leasing by a grantee from another person of such CATV system equipment or part thereof for financing purposes or otherwise.

(Code 1976, § 8-26)