§ 16-58. Lender and successors in interest.

Subject to the provisions of section 16-57, the grantee of any franchise granted under the provisions of this article shall be authorized, in his discretion, to grant a security interest in, or assigns as collateral security, the franchise to any lender providing financing to such grantee. No action shall be taken pursuant to this section which shall in any way impair the rights of such lender, or its successor in interest, unless and until the city shall have given written notice of any defaults or violation to such lender or its successor in interest, and allowed a reasonable time, not less than 30 days, for correction of such default violation unless and until such lender, or its successor in interest, shall have had an opportunity for a hearing before the city council.

(Code 1985, § 4-443; Ord. of 4-6-1981)