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Councilmember Schlueter introduced the following resolution and <br />moved for its adoption: <br /> <br />RESOLUTION #86-1 86 <br /> <br />RESOLUTION APPROVING THE TRANSFER OF OWNERSHIP OF GROUP W CABLE <br />OF THE QUAD CITIES, INC. <br /> <br /> WHEREAS, Group W Cable, Inc., a New York Corporation <br />(hereinafter "Group W Cable"), by and through Group W Cable of <br />the Quad Cities, Inc., a wholly-owned subsidiary, owns, operates <br />and maintains a cable television system in the City pursuant to <br />the terms and conditions of City Ordinance No. #84-1 (hereinafter <br />"Cable Communications Franchise Ordinance"); and <br /> <br /> WHEREAS, Group W Cable desires to sell and otherwise <br />transfer all of the issued and outstanding shares of the capital <br />stock of Group W Cable of the Quad Cities, Inc. to North Central <br />Cable Communications Corporation (hereinafter "North Central") <br />and thereby transfer control of Group W Cable of the Quad Cities, <br />Inc., to North Central; and <br /> <br /> WHEREAS, Group W Cable has requested the consent from <br />the City to a change in ownership and control of Group W Cable of <br />the Quad Cities, Inc., to North Central; and <br /> <br /> WHEREAS, the Quad Cities Cable Communications <br />Commission (hereinafter "Commission") has been delegated the <br />authority and responsibility to coordinate, administer and <br />enforce the Cable Communications Franchise Ordinance on behalf of <br />City pursuant to the terms of a Joint and Cooperative Agreement <br />for the Administration of a Cable Television Franchise; and <br /> <br /> WHEREAS, the Commission has held a public hearing on <br />behalf of City and has revieWed the legal, technical , and <br />financial qualifications of North Central and finds no reasonable <br />basis to deny the request for transfer as a result of said <br />review; and <br /> <br /> WHEREAS, the Commission has recommended to City <br />approval of the transfer of control of Group W Cable of the Quad <br />Cities, Inc. to North Central subject to the actual closing of <br />the stock sale; and <br /> <br /> WHEREAS, the Commission has also recommended approval <br />of a request by North Central to permit the pledge of the stock <br />and assets of Group W Cable of the Quad Cities, Inc. and North <br />Central as security to its lenders; and <br /> <br /> WHEREAS, the City does not object to such security <br />interest in the stock and assets. <br /> <br />NOW THEREPORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> Resolution #86-1 86 <br /> <br />Page 1 of 2 <br /> <br /> <br />