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ORDINANCE. NO. 77-9-1473
AN ORDINANCE AUTHORIZING A PLEDGE OF COMCAST 'CABLE OF PADUCAH,
INC. STOCK TO THE FIRST PENNSYLVANIA BANK N.A. AS SECURITY FOR. THE PAYMENT
OF THE LOAN
WHEREAS, the Paducah Cable Communications Authority has, pursuant to the
provisions of Chapter, 7_Z -:- 6 of the Code of Ordinances of the City of Paducah, Kentucky,
recommended the approval of a stock pledge between Comcast Cable of Paducah, Inc. and
The First Pennsylvania Bank
WHEREAS,., the Board of -Commissioners _of ,the, City of Paducah,_ . Kentucky
are informed that the pledge of stock is necessary as security for the obtaining of a
construction loan wherein the sum shall be used solely for the construction of the cable
television system in the City of Paducah, Kentucky
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COMMISSIONERS
OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the request of Comcast Cable of Paducah, Inc., to enter
into a stock pledge agreement with the First Pennsylvania Bank N.A. as security for
the payment of a loan not exceeding Two Million Dollars ($2,000,000.00) proceeds of
which shall be applied to the construction of the cable television system in the City of
Paducah and McCracken County Kentucky, be approved.
SECTION 2. That the aforesaid stock pledge agreement between Comcast
Cable of Paducah, Inc. and First Pennsylvania Bank N.A. may contain provisions where-
in the Bank may in the event of default enforce its security interest in said stock pledge
in any manner authorized by the laws of the Commonwealth of Kentucky without regard
to Section (14) , of Chapter 7z - 6 of the Code of Ordinances of the City of Paducah,
Kentucky.
SECTION 3. That by the making of the aforesaid loan or loans of money,
and the acceptance of the aforesaid security therefor, no right, power, privilege,
duty title, interest, claim or demand in or to the franchise or the system shall be
deemed to have been created or vested in said Bank, and no written assent, as
referred to in Subsection (14) , shall be required of said Bank.
SECTION 4. That the approval of the aforesaid stock pledge agreement is
limited only to the purposes as set out herein, and said action by the Board of Com-
missioners does not constitute any other permission, approval or modification of the
terms and provisions of the existing franchise agreement between Comcast Cable of
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Paducah Inc . , and the City of Paducah, Kentucky, and Chapter 7 2 - 6 of the Code of
Ordinances of the City of Paducah, Kentucky.
SECTION 5. This ordinance shall be in full force and effect from and
after the date of its adoption.
Mayor
Passed by the Board of Commissioners'�September 27, 1977
Recorded by Louise McKinney, City° Clerk, September 27, 1977.