HomeMy WebLinkAbout17790 - RESOLUTIONS - 2/5/1992 f
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RESOLUTION NO. 17790
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, CONSENTING TO THE CONVEYANCE OF
THE WARNER CABLE FRANCHISE TO TIME WARNER
ENTERTAINMENT COMPANY, L.P.
WHEREAS Warner Cable is the holder of a cable television franchise,
Agreement No. 2535, in the City of Palm Springs, California; and
WHEREAS Warner Cable is a wholly-owned subsidiary of Time Warner Inc.
("TWI") , a widely held New York Stock Exchange company, and
WHEREAS Time ("TWI") , Toshiba Corp. and C. Itch & Co. , Ltd. have entered
into an agreement to form a limited parnership known as Time Warner
Entertainment Company, L.P. ("TWE") to own or have an interest in all
of TWI 's cable system businesses and franchises; and
WHEREAS, TWI will be the managing general partner of TWE with full
management, operational and creative control over TWE's cable businesses;
and
WHEREAS, following the formation of TWE, Warner Cable will continue
to hold the Franchise and remain obligated to perform the terms and
conditions thereof in accordance with its existing obligations;
NOW THEREFORE BE IT RESOLVED that, to the extent that said formation
of a limited partnership constitutes or requires a conveyance, transfer
or assignment from TWI to TWE of said cable television franchise,
Agreement No. 2535, and provided that such conveyance, transfer or
assignment does not adversely affect any right, privilege or entitlement
of the City of Palm Springs in or pursuant to said Agreement No. 2535,
the City of Palm Springs approves and consents to any such conveyance,
transfer or assignment effected by or necessitated by said merger.
Adopted this 5th day of February 19 92 .
AYES: Councilmembers Broich, Hodges, Murawski , Neel and Mayor Bono
NOES: None
ABSENT: None
ATTEST: ITY PALM SP GS LIFORNIA
By
City Clerk i y ana
REVIEWED & APPROVED