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18 <br /> <br />A RESOLUT2 <br />TROLT~Ilk'G <br />Fv~2ECTRIC <br /> <br />ance with <br /> <br />~erest in <br />a corpora% <br />State of <br /> <br />ON APPROV]2~G A 5TRANSACTION tNVOLVIL~ A ~I~ANSFFAR OF THE COIg- <br />TOCK Ii~'£~<EST IN COX CABLE O~ PORTSMOUTH, INC. RRD ~ <br /> <br />AS, Cox Cable of Portsmouth, Inc. has r~ted, in accord- <br />§6-1/2-13 of the Code of the City of Portsmouttl~ 1973, as <br />hat the Council of the City of Portsmouth approve a pro- <br />saction involving a transfer of the controlling stock in- <br />Cox Cable of Portsmouth, Inc. to General Electric Company~ <br />ion duly organized and existing under the laws of the <br />aw York; and <br /> <br />A~, the Portsmou*_h Cable Television Cc~mission has con- <br /> <br />side_red t~ request and rended that Council approve such trans- <br />action as ~ing in the be_st interest of the citizens of Portsmc~th; <br />and ~ . <br /> W~, the.Council concurs in the recommendation of the Ports- <br />~outh Cable Television Commission that approval of the propo_ sed traD~- <br />action is in the ~s+~ ~nterest of the citizens of Portsm{ynth; and <br /> <br /> ~EAS, ~-he proposed transfer will involve only a clmm~ge in the <br />ultimate controtlLng corporate entity of Cox Cable and ~ not affect <br />the change in t/nm franchisee or the management and continued operations <br />of the cable television syste~ witb/n the City of Portsmouth in accord- <br />ance with the provisions of Chapter 6-1/2 of the Code of t~he City of <br />Portsmouth, 1973, as e~nded. <br /> <br /> ~C~7~ 17KStEFOP~, BE IT RESOLVED that the Council of the City of <br />Port~3t_h he~eby cor~s~ts to the transfer of the controTF~ng stock <br />interest Ln Cox Cable of Portsmouth, Inc. from Cox Broadcasting Corpora%ion <br />to C~leral Elece.~ic ~.n33~ tn granting this consent, i~ is expressly <br />underst{x~ t-ha~ ~-here will be no change in the franchise or the management <br />and continued oPeration of the Cable Television system within the City_ <br />of Portsmouth and t_hat Cox Cable of Portsmouth, Inc. w~ ~ ] not engage in <br />t=he sell~ng or servicing of television receivers. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virgir~ia, at a <br />n~eting held Pebru~ 12, 1980. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />