HomeMy WebLinkAbout19773 - RESOLUTIONS - 4/19/2000 RESOLUTION NO. 19773
OF THE CITY COUNCIL OF THE CITY OF PALM '
SPRINGS, CALIFORNIA, APPROVING THE CHANGE IN
CONTROL OF TIME WARNER CABLE TELEVISION
FRANCHISEE
WHEREAS, the City of Palm Springs ("Franchising Authority") has granted a
franchise to a subsidiary (the"Franchisee") of Time Warner, Inc. ("TWI")to provide cable
television service; and
WHEREAS,TWI and America Online, Inc.("AOL")have entered into an Agreement
and Plan of Merger (the "Merger Agreement") dated as of January 10, 2000; and
WHEREAS, the Merger Agreement will result in a stock-for-stock merger (the
"Transaction") in which TWI and AOL will merge with subsidiaries of a newly formed
holding company; and
WHEREAS, as a result of the Transaction, both TWI and AOL will become wholly
owned subsidiaries of the new company, AOL Time Warner, Inc.; and
WHEREAS, the Franchising Authority has concluded the Transaction will result in
a change of control of the Franchisee. '
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm
Springs, as follows:
Section 1. To the extent required under the terms of the Franchise, the
Franchising Authority authorizes and consents to any change in
control of the Franchisee resulting from the Transaction.
Section 2. The Franchisee shall remain responsible: for all obligations under
the Franchise.
Section 3. The foregoing consent shall be effective; upon the closing of the
Transaction.
ADOPTED this 19th _day of April , 2000.
AYES: Members Jones, Hodges, Oden, Reller-Spurgin and Mayor Kleindienst:
NOES: None
ABSENT: None
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
by
City Clerk �/% City Manager
REVIEWED & APPROVED AS TO FORM /
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