HomeMy WebLinkAboutRES 11 YYYY
A R E S O L U T I O N
WHEREAS, on September 16, 1969, The City of Beaumont,
acting by and through its duly elected Mayor and City Council,
upon third reading, granted by Ordinance No. 69-61 a franchise
to Jefferson Cablevision, Inc., permitting it to construct,
install and operate a cablevision system in Beaumont, Texas,
which ordinance required that'the terms thereof be accepted
by Jefferson Cablevision, Inc., within thirty days from
September 16, 1969, and also required the payment of $105,000
as a franchise fee and $200,000 in advance rental payments, all
as more particularly set forth in said Ordinance No. 69-61,
which is incorporated herein by reference; and,
WHEREAS, on October 15, 1969, Jefferson Cablevision,
Inc., delivered to The City of Beaum6nt its letter of acceptance
and its check in the total amount of $305,000, both of which
contained the following conditi6ns.: "That the franchise granted
to Jefferson Cablevision, Inc., by The City of Beaumont become
fully and finally valid and effective; and that prior to July 31,
1970, Jefferson Cablevision shall have entered into a
satisfactory pole attachment agreement with Southwestern Bell
Telephone Company; and,
WHEREAS, for the purpose of permitting The City of
Beaumont to draw interest upon the said $305,000 until the
conditions enumerated above are met, the City of Beaumont,
Jefferson Cablevision, Inc. and The American National Bank,
as Escrow Agent, and The City of Beaumont will receive from
said Escrow Agent all interest payments from Certificates of
Deposit in the face amount of $305,000, until the two conditions
above stated are met; and, in the event the said conditions are
met on or prior to July 31, 1970, theses: said Certificates of
Deposit will be unconditionally delivered and paid over to The
City of Beaumont by.Escrow Agent; and, in the event the validity
T ,1 y
11-19-IC661
of the franchise be the subject of litigation on July 31, 1970,
The City of Beaumont will continue to be paid all interest
upon the principal until the final determination of such
litigation; and
WHEREAS, the City Council is of the opinion that said
escrow agreement should be executed:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF BEAUMONT:
That the Mayor and the City Manager be and they are hereby
authorized and directed to execute on behalf of The City of
Beaumont the aforesaid Escrow Agreement with Jefferson
Cablevision, Inc. and The American National Bank of Beaumont
and that the City Clerk be, and he is hereby, authorized to
attest to same and to affix the seal of The City of Beaumont
thereto.
PASSED by the City Council this the 18th day of
November, 1969.
e
Mayor-