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HomeMy WebLinkAbout1985-01-02; City Council; 8007; APPROVING TRANSFER OF MORTGAGING AND HYPOTHECATION OF CARLSBAD CABLEVISION TO MELLON BANK, N.A.- b Q w > 0 cx a L < .. z s 5 a a J 0 z 0 0 - f ciT\ F CARLSBAD - AGENDALL J" ,' \ R A AB# BOO7 TITLE: DEPT. HD& 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. t 1 2 3 4 5 6 7 8 9 lo 11 l2 13 14 15 l6 17 l8 j9 2o 21 22 23 24 25 26 27 28 9 0 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. . 1 2 3 4 5 6 7 8 9 10 11 l2 13 14 15 16 77 18 19 20 21 22 23 24 25 26 27 28 @ Q 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] -2- w e ..& 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 -_----.__ LR : adm Enclosures ( 1 )