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<br />Warner accepts responsibility for all obligations and liabilities that arise and accrue from <br />and after the effective date of this ordinance. <br /> <br />SECTION 4. The approval to transfer the existing cable television franchise from <br />TCI to Time Warner, and the amendments to the Franchise described in Section 2 above <br />shall be null and void unless Time Warner files its written acceptance of the terms and <br />conditions of the Franchise, and of this ordinance, by July 31,1999. <br /> <br />SECTION 5. The City hereby confirms that: (a) the Franchise was property granted; <br />(b) the Franchise is validly existing and in full force and effect; and (c) there presently <br />exists no fact or circumstance which constitutes or which, with the passage of time or the <br />giving of notice or both, would constitute a default under the Franchise or entitle the City <br />to cancel or terminate the rights under the Franchise, except upon the expiration of its full <br />term. <br /> <br />SECTION 6. Upon receipt by the City of Time Warner's written acceptance as <br />provided in Section 4 and its written confirmation ofthe closing of Time Warner's exchange <br />of assets with Tel under their Asset Exchange Agreement dated as of November 25, 1998, <br />this ordinance shall be deemed effective as of the date of the closing under that Asset <br />Exchange Agreement. <br /> <br />PASSED AND APPROVED on first reading February 8, 1999. <br /> <br />PASSED AND APPROVED on second reading February 22, 1999. <br /> <br />PASSED, APPROVED AND ADOPTED March 1, 1999. <br /> <br />b~i.~ <br /> <br />Billy G. Moore <br />Mayor <br /> <br />Atl~~~~ <br /> <br />tlfs K. Womack <br />City Secretary <br /> <br />Approved: <br /> <br />~~~ <br /> <br />Mark B. Tayk;;' O. <br />City Attorney <br />ECORD THURSDAY, FEBRUARY 11, <br />PUBLISHED IN ITS ENTIRETY IN THE SAN MARCOS DAILY R , <br />1999. <br />PUBLISHED IN THE SAN MARCOS DAILY RECORD, FRIDAY, MARCH 5, 1999. <br />