§ 22-17. Restrictions against assignment.

(a)

The grantee shall not sell, transfer or assign its rights under this chapter and its franchise agreement without the prior approval, by ordinance or resolution, of the county, acting through its board. The granting of such consent shall in no way constitute a waiver or release of the county's underlying ownership rights in and to its streets. By executing and accepting its franchise agreement, a grantee specifically agrees that any such transfer occurring without the county's prior approval shall constitute a material violation of this chapter and its franchise agreement and shall be null and void. For purposes of this subsection, the term "transfer" of franchise rights shall include a transfer of control of a grantee.

(b)

Notwithstanding anything to the contrary contained in subsection (a) of this section:

(1)

A grantee may transfer its rights under this chapter and its franchise agreement to any person controlling, controlled by, or under common control with the grantee; and

(2)

The grantee may grant to any reputable lender security interest in any or all of the assets of the grantee, tangible or intangible, including its franchise agreement.

(Ord. of 9-8-87; Code 1977, § 3-8-17)