NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COVINGTON, LOUISIANA:
1. Franchising Authority acknowledges that it has received a complete
2. Franchising Authority does hereby consent to the transfer of the
Franchise and all of the grantee's rights, powers and privileges under the
Franchise (i) from Franchisee to CILP and immediately thereafter, (ii) from CILP
3. The foregoing consent to the transfer and assignment of the Franchise
shall be effective upon the consummation of the transfer of the assets of the
System to Renaissance, at which time Franchising Authority shall automatically
release each of Franchisee and CILP and their respective predecessors from all
obligations and liabilities under the Franchise that relate to periods from and
after such date. Notice of the date of such consummation shall be given to
4. Franchising Authority hereby consents to a transfer of the Franchise or
control related thereto to any entity controlling, controlled by or under common
control with Renaissance.
5. Renaissance is authorized to pledge, mortgage, transfer in trust and
otherwise hypothecate the property and assets used or held for use in connection
with the ownership and operation of the System, including the Franchise, and the
parties owning or controlling Renaissance are authorized to pledge, mortgage,
transfer in trust and otherwise hypothecate their equity interest in Renaissance
as collateral security for such loans and financing (or for guarantees of such
loans and financing) as may be incurred or assumed by Renaissance from time to
time in connection with the ownership and operation of the System.
6. Franchising Authority hereby confirms that, to its knowledge: (a) the
Franchise is currently in full force and effect and expires on March 5, 2006;
(b) Franchisee is currently the valid holder and authorized grantee of the
Franchise; (c) Franchisee is in compliance in all material respects with the
Franchise; and (d) no event has occurred or exists that would constitute a
default under the Franchise or that would permit Franchising Authority to revoke
or terminate the Franchise. Subject to compliance with the terms of this
Resolution, all action necessary to approve the transfer of the Franchise to
Renaissance has been duly and validly taken.
Adopted by the City Council of the City of Covington, Louisiana on this
20th day of January, 1998.
Moved for adoption by O'Keefe, seconded by Pearce. Roll call as follows:
/s/ Lynne H. Moore /s/ Lee Roy Jenkins, Jr.
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Lynne H. Moore Lee Roy Jenkins, Jr.
Clerk to the Council Council President
CERTIFIED TO BE A TRUE COPY OF THE ORIGINAL RECORDS AS FOUND AT COVINGTON CITY
/s/ Lynne H. Moore
LYNNE H. MOORE
CLERK TO THE COUNCIL