§ 78-393. Transfer of control; sale or assignment.

(a)

If the registrant transfers or assigns its registration incident to a sale or other transfer of the registrant's assets, the transferee or assignee shall be obligated to comply with the terms of this article. Written notice of any transfer, sale or assignment shall be provided to the city within 30 days following the effective closing date of the transfer, sale or assignment. In order for the transfer of the registration to be effective, the transferee or assignee must submit the registration information and comply with the registration requirements under section 78-392.

(b)

Notwithstanding anything in this article, pledges in trust or mortgages or other hypothecations of the assets of the registrant to secure the construction, operation or repair of its communications services facilities may be made to any person without notice to the city. Any mortgage, pledge, lease or other encumbrance of the communications services facilities shall be subject and subordinate to the rights of the city by virtue of this article or other applicable law.

(Ord. No. 4774-18, § 2, 10-22-2018)