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TUESDAY~ FEBRUARY 24, 1998 <br />CITY OF MARTINSVILLE, VIRGINIA <br /> <br />ORDINANCE NO. 98-4 <br /> <br />BE IT ORDAINED by the Council of the City of Martinsville, Virginia, in regular session assembled <br />February 24, 1998, that it does hereby adopt Ordinance No. 98-4 related to the provision of cable television <br />service to the City's residents, as kept on file in the City Manager's Office, Second floor, Room 216, 55 West <br />Church Street, Martinsville, VA 24114; and <br /> <br />BE IT FURTHER ORDAINED, that this document is adopted on an emergency basis and shall become <br />effective March 1, 1998. <br /> <br />Council next considered adoption of a Cable Television Franchise Agreement between the City and Adelphia <br />Cable Communications. Upon motion duly seconded, and by a vote of 3 to 1, Council Member Dallas <br />opposed, Council adopted a new Franchise Agreement, effective March 1, 1998, a copy of said agreement to <br />be filed for public view in the City Managers Office. Mayor Adams noted a recent Wall Street Journal article <br />which showed that Adelphia stocks had recently shown a loss of $4.93 per share, and asked the Adelphia <br />representatives present whether this reflected poor financial condition or was evidence of other business <br />activity. Mr. Joe Price, Regional Manager of Adelphia, stated that he had not seen the article, but that <br />Adelphia was a heavily leveraged company at this time, due to their current efforts to improve and expand <br />services through their systems throughout the country. He also noted that Adelphia ranked number 7 in the <br />cable television market nationwide, that their recent investments were evidence of their intent to be a serious <br />player in the cable television market, and that their stocks had recently been selling at $16 to $20 per share. <br />Vice-Mayor Crabtree then asked Mr. Price if their company was capable of completing the promised system <br />rebuild in the Martinsville community in an expeditious manner, to which Mr. Price replied that the company <br />would meet the challenges of this task, as required in the Franchise Agreement. He stated that Adelphia was <br />positioned to continue to serve the community just as they had since 1987, and that the recent negotiations <br />had been conducted in a friendly, business-like manner. Mr. Price said that Adelphia was comfortable with <br /> <br /> <br />