HomeMy WebLinkAboutReso 2009-068 - Charter Communications
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RESOLUTION NO. 2009 - 68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
CONSENTING TO CHARTER COMMUNICATIONS RESTRUCTURING
WHEREAS, Falcon Cable Systems Company II, L.P., d/b/a Charter Communications,
Inc. ("Franchisee"), an indirect, wholly-owned subsidiary of Charter Communications, Inc.
("Charter"), owns a cable television system (the "System") in the City of Redding, CA (the
"Franchise Authority"); and
WHEREAS, on March 27,2009, Charter and certain of its subsidiaries filed voluntary
petitions in the United States Bankruptcy Court for the Southern District of New York
("Bankruptcy Court") seeking relief under the provisions of Chapter 11 ofTitIe 11 of the United
States Code in order to effectuate a financial restructuring (Case No. 09-11435); and
WHEREAS, pursuant to the terms of agreements entered into between Charter and its
key bondholders, Charter's current Class A Common Stock and Class B Common Stock will be
cancelled and replaced with new voting stock owned by Paul G. Allen and such bondholders, as
described in filings with the Bankruptcy Court (the "Transaction"), copies of which have been
provided to the Franchise Authority; and
WHEREAS, the Franchise Authority has concluded that its approval is beneficial for the
above described Transaction and has been provided an FCC Form 394 and related information
for such Transaction; and
WHEREAS, the Franchise Authority has considered and approves of the Transaction
described above.
NOW, THEREFORE, IT IS HEREBY RESOLVED AS FOLLOWS:
I. The foregoing recitals are approved and incorporated herein by reference.
2. The Franchise Authority consents to the Transaction described herein.
3. This Resolution shall be deemed effective upon adoption.
4. This Resolution shall have the force of a continuing agreement and the Franchise
Authority shall not amend or otherwise alter this Resolution without consent of the
Franchisee.
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I HEREBY CERTIFY that the foregoing resolution was introduced and read at a regular
meeting ofthe City Council of the City of Redding on the 16th day ofJune, 2009, and was duly
adopted at said meeting by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Dickerson, Jones, McArthur, and Bosetti
None
Stegall
None
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RICK BOSETTI, Mayor
ATTEST:, .; I .,
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FORM APPROVED:
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"'IlL C~~NIE STROHMA.', ..~; (:jty Clerk
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RIC~~Attorney