§ 5.56.130 — Transfer or assignment

5.56.130 - Transfer or assignment.

Any such franchise shall be a privilege to be held in personal trust by the original grantee. It cannot in any event be sold, transferred, leased, assigned or disposed of in whole or in part either by forced or involuntary sale, or by voluntary sale, merger, consolidation, operation of law or otherwise without the prior consent of the Council, after a public hearing, expressed by resolution and then 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 ten days after any such transfer or assignment. Said consent of the Council may not be arbitrarily refused; provided, however, the proposed assignee will show financial responsibility and must agree to comply with all provisions of this chapter; and provided, further, that no such consent shall be required for a transfer in trust, mortgage, or other hypothecation as whole to secure an indebtedness.

(Ord. 7387 § 4, 2017)