HomeMy WebLinkAboutR-93-0457RESOLUTION NO. 9 457
A RESOLUTION ACKNOWLEDGING AND APPROVING THE
ASSIGNMENT OF SHELTER ADVERTISING OF AMERICA,
INC.'S AGREEMENT, DATED JANUARY 26, 1989,
WITH THE CITY OF MIAMI, FLORIDA, FOR THE
FURNISHING, INSTALLATION AND MAINTENANCE OF
BUS SHELTERS WITHIN THE CITY OF MIAMI TO
PATRICK MEDIA GROUP, INC., A WHOLLY OWNED
SUBSIDIARY OF GENERAL ELECTRIC CAPITAL
CORPORATION; FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AMENDMENT TO SAID
AGREEMENT EFFECTUATING SAID ASSIGNMENT, IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY.
WHEREAS, the City of Miami, Florida (the "City"), pursuant
to Resolution No. 88-1169, adopted December 15, 1988, authorized
the City Manager to execute an agreement with Shelter Advertising
of America, Inc. for the furnishing, installation and maintenance
of bus shelters within the City of Miami, Florida; and
WHEREAS, pursuant to Resolution No. 88-1169, the City
Manager, on January 26, 1989, executed an agreement with Shelter
Advertising of America, Inc. (the "Agreement") for the above
stated purposes; and
WHEREAS, the Agreement, under its own terms, shall not be
assigned or sold without the prior consent of the City
Commission; and
WHEREAS, under the terms of the Agreement, a sale of fifty-
one percent (51%) or more of the shares of corporate common
stocks shall be deemed an assignment; and
CITY COMMISSION
MEETING OF
JUL 0 8 1993
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93- 457
WHEREAS, Shelter Advertising of America, Inc. intends to
sell one hundred percent (100%) of its stocks to Patrick Media
Group, Inc., a wholly owned subsidiary of General Electric
Capital Corporation; and
WHEREAS, the City Commission wishes to acknowledge and
approve the assignment of the Agreement and to authorize the City
Manager to execute an amendment to the Agreement effectuating
said assignment;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The assignment of Shelter Advertising of
America, Inc.'s Agreement, dated January 26, 1989, with the City
of Miami, Florida, for the furnishing, installation and
maintenance of bus shelters within the City of Miami to Patrick
Media Group, Inc., a wholly owned subsidiary of General Electric
Capital Corporation is hereby acknowledged and approved.
93- 457
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Section 3. The City Manager is hereby authorized`/ to
execute an Amendment to said Agreement to effectuate said
assignment, in a form acceptable to the City Attorney.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this ath— day of
VIER L. S AREZ
AT S
M Y HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
IRMA M. ABELLA
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A 4 QUTAMcTO1M4, I I I
CITY ATTORN Y
BSS:M3733
, 1993.
YOR
The herein authorization is further subject to compliance
with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by
applicable City Charter and Code provisions.
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