A. A franchise may not be directly or indirectly assigned, transferred, or disposed of by sale, lease, merger, consolidation, or other act of grantee, by operation of law or otherwise, unless prompt written notice is provided to the city within sixty days of the assignment. In the case of transfer or assignment as security by mortgage or other security instrument in whole or in part to secure indebtedness, such notice shall not be required unless and until the secured party elects to realize upon the collateral. For purposes of this section, no assignment or transfer of a franchise shall be deemed to occur based on the public trading of grantee’s stock; provided, however, any tender offer, merger, or similar transaction resulting in a change of control shall be subject to the provisions of a franchise.

B. Any transactions which singularly or collectively result in a change of fifty percent or more of the ownership or working control (for example, management of grantee or its facilities) of the grantee or of the ownership or working control of the grantee’s facilities within the city, or of the ownership or working control having ownership or working control of the grantee or of the grantee’s facilities within the city, or of control of the capacity or bandwidth of the grantee’s facilities within the city, shall be considered an assignment or transfer requiring notice to the city pursuant to a franchise. Such transactions between affiliated entities are not exempt from notice requirements. A grantee shall notify the city of any proposed change in, or transfer of, or acquisition by any other party of control of a grantee within sixty days following the closing of the transaction. (Ord. 009/2022 § 3 (Exh. A))