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' ~ t7LTY OF Ni~.C`rH OLMSTED ' -~ -ORDINANCE N0. 80-29 ~ , -.PAGE 18 • identifying particulars of the proposed transaction, and the Council shall act by resolution. The Council shall have ninety (90) days within which to approve or disapprove a transfer of control. If no action is taken within such ninety (90) days, approval shall be deemed to have been given. (b) The consent or approval of the Council to any assignment, lease, transfer, sub-lease or mortgage of the Grantee shall not con- stitute a waiver or release of the City in and to the streets. (c) For the purposes of this Section, the term "control" is not limited to majority stock ownership, but includes actual working control in whatever manner exercised. (d) 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 percent (10%) of the voting shares of the Grantee. (e) A mortgage or pledge of the cable system equipment or any part thereof, or a leasing by the Grantee from another person of said cable system equipment or part thereof, for financing pur- poses or otherwise shall be made only with prior approval of the Council and shall be subject and subordinate to the rights of the City under this Ordinance or applicable law. (f) In the absence of extraordinary circumstances, the Council shall not approve any transfer or assignment of the franchise before completion of construction of the initial service area of the ener- gized cable. (g) The Council reserves the right to review the purchase price of any transfer or assignment of the system, and any as- signee or transferee to this franchise expressly agrees that any negotiated sale value which the Council deems unreasonable will not be considered in the rate base for any subsequent request for rate increases. Reasonableness of purchase price shall be determined by taking into consideration. the original cost of all. tangible and intangi- ble property, as well as salvage value, book value, replacement value, cash flow, and other factors. SECTION 24: REVIEW AND RENEWAL (a) The Council shall not hold any meeting involving the re- view, renewal, cancellation or expiration of the Grantee's franchise unless the Mayor or designate has (1) advised the Grantee in writing, at least thirty (30) days prior to such meeting, as to its time, place and purpose, and (2) published a notice at least once, ten (10) days before the meeting, in a newspaper of general circula- tion within the City. (b) It shall be the policy of the City to amend this fran- chise upon application of the Grantee when necessary to enable the Grantee to take advantage of advancements in the state-of-the- art which will afford it an opportunity to more effectively, ef- ficiently or economically serve its subscribers; provided, however, that this Section shall not be construed to require the City to make any amendment. Further, every three (3) years during the term of the franchise, on or about the anniversary of its effective date, the Council shall hold a public hearing, the purpose of which will be to consider system performance, design modifications, the need for rate regulation, or other possible modifications in the fran- chise of a nature that would not result in effectively terminating same under the then existing Federal Communication Commission Rules for cable television. This franchise may be amended at any time in order to conform with the applicable Federal law and Federal Communica- tions Commission rulings after notice and public hearing. (c) The Council shall, no later than one hundred twenty (120) days prior to the expiration of the franchise period, hold a public hearing to review the Grantee's performance during the entire term