A telecommunications permit shall not be sold, assigned or transferred, either in
whole or in part, or leased, sublet, or mortgaged 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 without the prior written consent of commission.
No such consent shall be required for a transfer in trust, mortgage, or other hypothecation
as a whole or in part to secure an indebtedness, except when such hypothecation shall
exceed fifty (50) percent of the market value of the property used by the permittee
in conducting the business of the permittee. The permittee shall promptly notify manager,
or a designee, of any proposed change in, or transfer of, or control of the permittee.
The word "control" as used herein is not limited to major stockholders but includes
actual working control in whatever manner exercised. Every change, transfer, or acquisition
of control of the permittee shall make the permit subject to cancellation unless and
until the commission shall have consented thereto. An applicant for a permit transfer
shall submit a written application to manager or designee on application forms provided
by manager accompanied by required exhibits and a transfer fee established by resolution
by the commission. A rebuttable presumption that a transfer of control has occurred
shall arise upon the acquisition or accumulation by any person or group of persons
of ten (10) percent or more of the voting interest of the permittee. The consent or
approval of the commission to any transfer of the permit shall not constitute a waiver
or release of the rights of in and to city streets, and any transfer shall by its
terms, be expressly subordinate to the terms and conditions of the permit and this
article.
(Ord. No. 1994-16, § 6, 11-29-94)
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