HomeMy WebLinkAbout1985-01-02; City Council; 8007; APPROVING TRANSFER OF MORTGAGING AND HYPOTHECATION OF CARLSBAD CABLEVISION TO MELLON BANK, N.A.- b
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CITY ATIT- MTG. 1-2-85 APPROVING TRANSFER OF MORTGAGING AND
DEPT. U/M TO MELLON BANK, N.A. CITY MGR..
RECOMMENDED ACTION:
Adopt Resolution No. 781,/ approving transfer of mortgage of Carlsbad
HYPOTHECATION OF CARLSBAD CABLEVISION
Cablevision to Mellon Bank.
ITEM EXPLANATION;
The franchise with Carlsbad Cablevision requires Council approval of any
transfers of mortgages if the amount covered is over 50% of the corporate
value. Carlsbad Cablevision is changing lenders from Security Pacific
National Bank to Mellon Bank, N.A. and has requested Council approval.
FISCAL IMPACT:
No direct fiscal impact is known at this time.
from the franchise fee payments.
Staff time is recoverable
EXHIBITS :
1. Memo from Carlsbad Cablevision dated December 21, 1984.
2. Resolution No. 7p' / .
e writer e . Cablevision Cornrnunicatio 5720 El Camino Real
PO. Box 344
Carlsbad, CA 92008
(619) 438-7723
bm fix I
Decenkr 21, 1984
Mr. mer Greer
Utilities & Maintenance Manaqer
City of Carlsbad 405 Oak Street
Carlsbad, Ca. 92008
Dear Roger:
The purpose for the request of this resolution is that Carlsbad cablevision,
A Limited Partnership is undertaking a loan transaction with Mellon Bank, N.A.
This new loan has been stimulated by current institutional lender's; (security Pacific National Bank) desire to be taka out of this transaction.
The prccedes of the loan will be used to retire certain existing indebtness
and for future capital expenditures due to rapid system expansions.
In behalf of Carlsbad Cablevision we appreciate the city of Carlsbad's time in
resolving this matter.
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Resolution No. 7861
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, APPROVING THE MORTGAGING AND HYPOTH€CATIUN OF
THE PROPERTY OF CARLSBAD CABLEVISION PURSUANT TO SECTION
5.28.140(d) OF THE CARLSBAD MUNICIPAL CODE.
/
WHEREAS, in accordance with the provisions of Section
5.28.140(d) of the Carlsbad Municipal Code Carlsbad Cablevision,
A Limited Partnership has requested approval to mortgage and
hypothecate its cable television franchise granted by the City
N.A.; and
WHEREAS, this change has resulted in administrative costs
to the city due solely for the benefit of Carlsbad Cablevision,
A Limited Partnership; and
of Carlsbad and its other property in favor of Mellon Bank,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. That the above recitations are true and correct.
2. Costs borne by the City relative to the mortgage and
hypothecation will be reimbursed to the City.
3. Pursuant to Section 5.28.140(d) of the Carlsbad Munici-
pal Code, the City Council of the City of Carlsbad approves the
mortgaging and hypothecation of the cable television franchise
granted by the City of Carlsbad and the other assets, properties
and interests of Carlsbad Cablevision, A Limited Partnership to
secure an indebtedness in favor of Mellon Bank, N.A. ("Bank").
The Bank or its subsidiary or affiliate may succeed through
foreclosure or deed in lieu of foreclosure as mortgagee in
possession or otherwise under such mortgaging and hypothecation
and may operate the cable television system operated by Carlsbad
Cablevision, A Limited Partnership as mortgagee in possession
or otherwise, and shall be entitled to and shall have all inter-
ests, rights and benefits of Carlsbad Cablevision, A Limited
Partnership; provided that, nothing herein shall release Carls-
bad Cablevision, A Limited Partnership of its obligations under
its cable television franchise granted by the City of Carlsbad,
and the Bank shall have and receive no greater rights than those
granted under said franchise to Carlsbad Cablevision, A Limited
Partnership.
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PASSED, APPROVED AND ADOPTED at a Regular Meeting of the
Carlsbad City Council, held on the 2nd day of January 9
1985, by the following vote, to wit:
AYES : Council Wmbers Casler, -is, Kulchin, Chick and Pettine
NOES: None
ABSENT: None
L d L , Mayor
ATTEST:
aM&BAbLr* , City Clerk
[SEAL]
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1200 ELM AVENUE TELEPHONE:
CARLSBAD, CALIFORNIA 92008 (714) 438-5621
January 4, 1985
Carlsbad Cablevision
P.O. Box 344
Carlsbad, CA 92008
Enclosed for your records, please find a copy of the
following Resolution No. 7861 , adopted by the
Carlsbad City Council on January 2, 1985
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