§ 12. Transfer  


Latest version.
  • This franchise shall be a privilege to be held in personal trust by the original Grantee. It cannot in any event be transferred without the prior consent of the Council expressed by ordinance and then only under such conditions as may therein be prescribed. Any such transfer or assignment shall be made only by an instrument in writing, a duly executed copy of which shall be filed in the office of the City Clerk within thirty (30) days after any such transfer or assignment. The said consent of the Council may not be arbitrarily refused; provided, however, the proposed assignee must show financial responsibility and must agree to comply with all provisions of this ordinance; and provided, further, that no such consent shall be required for a transfer in trust, mortgage or other hypothecation as a whole, to secure an indebtedness.

    Grantee shall give the City at least ninety (90) days advance notice of any proposed transfer, which notice shall set forth the pertinent details of the proposed transfer and provide complete information concerning the transferee's financial and operational qualifications.

    Grantee shall be required to compensate the City for all reasonable costs incurred in evaluating the merits of a proposed transfer and the financial and operational qualifications of the proposed transferee, regardless of whether approval to such transfer is granted.