CC Resolution 1990-082#= RESOLUTION NO. 90-82
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF LA QUINTA, CALIFORNIA
CONSENTING TO HYPOTHECATION OF ASSETS.
WHEREAS, Palmer Comunications Incorporated Pd") has
proposed to enter into certain agreements to restructure its
existing indebtedness; and
WHEREAS, the proposed transact*o** *zill require the
creation of a security interest in the assets of PCI; and
WHEREAS, the consent of the City of La Quinta is required
for the creation of such security interests;
NOW, THEREFORE,*BE IT HEREBYRESOLVED, that PCI is
authorized to grant a first lien and security interest in the
assets of its cable television system, including its rights,
privileges and benefits in and under its franchise, to the
Providence Journal Company or an affiliate thereof; and
BE IT RESOLVED FURTHER, that the consent herein granted
shall be effective upon the closing of the proposed transaction
and PCI shall notify the City promptly upon such closing.
Passed, approved and adopted by the La Quinta City Council
on this 6th day of November 1990, by the following
vote:
AYES: Council Member Bohnenberger, Rushworth, Sniff & Mayor Pena
NOES: None
ABSTAIN: None
ABSENT: One Vacancy)
JOHN J. *N ayo
City of La inta, California
*TTST:**
SAUNDRA_JUHOLA,*ity Clerk
City of La Quinta, California
**.(A1
STRA*L**N*G YOCCA, CARLSON & RAUTH
City Attorney
BIB]
07-29-1998-U01
11:30:37AM-U01
ADMIN-U01
CCRES-U02
90-82-U02