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,.. <br />R.ESOLLTION NO. 92- 05 <br />INTRODUCED BY: Mayor Pietrafese and Council as a Whole <br />AN EMERGENCY RESOLUTION <br />CONSENTING TO THE'1TRANSFER OF THE CABLE T.V. <br />FRANCHISE AGREEMENT AND CABLE SYSTEMS ASSETS. <br />WHEREAS, V-Cable has entered into an agreement with its <br />principal lender, G.E. Capital Corporation (°'GECC") and a third <br />party, U. S. Cable Television Group, L. P, ("U . S. Cable"1 ) pursuant to <br />-= '?which V-Cable's debt will be restructured on more favorable terms; <br />and <br />WHEREAS, under the terms of the restructuring, V-Cable, <br />through its operating subsidiaries, including Cablevision of the <br />Midwest, Inc., w.il1 form a partnership with U.S. Cable which will <br />hold the franchise and the assets of the cable system for a period <br />of not less than six years whereafter V-Cable and its operating <br />subsidiaries will have the option to withdraw and recover full <br />ownership of -the franchise and cable system assets; and <br />WHEREAS, Cablevision of the Midwest, Inc. and V-Cable <br />acknowledge that the parLnership will continue to be bound by all <br />applicable cable television franchise terms ancl conditions; and <br />WHEREAS, Cablevision will retain management responsibility <br />J resulting in no change in the management or operation of the cable <br />system. <br />BE IT RESOLVED BY THE COUNCIL OF MAYFIELD VILLAGE, OHIO, THAT: <br />SECTION 1. Mayfield Village hereby grants approval to permit <br />the transfer of the cable T.V. franchise and cable system assets to <br />V-Cable, L.P. and the subsequent withdrawal from V-Cable as set <br />forth in the letter dated January 2, 1992, requesting such action. <br />SECTION 2. The Acting Clerk should forward a certified copy <br />of -this resolution to Cablevision c/o William J. Quinn, One Media <br />Crossways, Woodbury, N.Y. 11797-2013. <br />SECTION 3. TYie Council finds and determines that all formal <br />actions of the Council relating to the adoption of this Resolution <br />have been 'taken at open meetings of this Council; and that <br />deliberations of this Council and of its committeesp resulting in <br />such formal actiono took place in meetings open to the public in <br />compliance with all statutory requirements including the <br />requirements of Section 121.22 af the Ohio Revised Code.