82-QRESOLUTION NO. 82- ~
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF BOYNTON BEACH, FLORIDA, GRANTING APPROVAL
OF AN INTERNAL CORPORATE REORGANIZATION IN-
VOLVING TELEPROMPTER CORPORATION.
WHEREAS, Teleprompter Corporation ("Teleprompter") is a
cable television franchisee in the City of Boynton Beach, Florida;
and
WHEREAS, on August 18, 1981, Westinghouse Broadcasting
Company, Inc., a subsidiary of Westinghouse Electric Corporation
("Westinghouse"), acquired control of Teleprompter; and
WHEREAS, it is proposed that Teleprompter 'be reorganized
into Group W Cable, Inc., its parent corporation, as set forth in
a letter application dated February 22, 1982; and
WHEREAS, approval has 'been requested as to the proposed
transaction;
NOW, THEREFORE, BE AND IT IS HEREBY RESOLVED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The City of Boynton Beach City Council here-
'by grants its approval, as requested, to permit the reorganization
of Teleprompter into Group W. Cable, Inc., its parent corporation,~
all as set forth in the letter application dated February 22, 1982
(A copy of which is attached hereto and made a part hereof).
Section 2. Future internal corporate transactions
'between a parent company and a subsidiary are hereby authorized.
PASSED AND ADOPTED this 3rd day of March, 1982.
CITY OF BOYNTON BEACH, FLORID~
By:
Mayor
ATTEST:
(Corp. Seal)
)er
TELEPROMPTER
Teleprompter of West Palm Beach
334 Belvedere Road
West Palm Beach. FL 33405
Telephone: (305) 655-3761
February 22, 1982
~onorable Mayor Edward Harmening
City of Boynton Beach
Box 310
Boynton Beach, Florida 33435
Dear Mayor Harmening:
As~ you are no doubt aware, on Aught 18, 1981, W~stinghouse
Broadcasting Company, Inc., a subsidiary of Westinghouse Electric
Corporation, acquired control of. Teleprompter Corporation, the
cable television operator in Boynton Beach, Florida.
T~leprompte~ is one of the nation's largest cable television
operator, and i~s systems throughout the country are held both
by /~ and a multitude of subsidiary companies~ In order to slm-
plify matters, and to obtain administ~ve benefit~ through
operating efficiencies, int6~nal corporate transa~tio~ are being
undertaken whereby the wholly-owned ~ubsidiaries of Teleprompter
w~ll be reorganized into Teleprompter, and Telepromtper will then
be reorganized into Group W Cable, Inc., and Zts parent corpo4ation.
This is to respectfuZly request yom approval of th~ reorgani-
zation of Telep~mpter into its parent company. There ~ be no
change ~n management, control or final ownership as a r~u~ of
these internal corporate t~ansactions. I have taken the~ liberty
of enclosing a draft resolution which may be of some hel~ to you in
of the present reorganization, as w~ll as future ~n~erna~ corporate
t~ansa~ions involving the franchisee and a parent company or a
s. ubsidiary.
Your early attention to this matter will be appreci~ed. If
you have any questlons, please let u~ hear from you.
WO/ams
ey[c ~
Very tr~y yours,
G en M an ag er