Agenda - 03-02-1987 - Laserfiche WebLink

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TRARRINGTON,SMITH & HARGROVE 0 1 Mr. David Taylor February 4, 19$7 Page Two Identification Of Parties Prime Venture I, Inc. is a "Managing General Partner" of the Partnership.and is the Prime Cable Income Partners L.P. is a limited part- nership and is "the Partnership" managed by The Managing General Partner. Control Of The Cable S stem And Franchise Management and control of the Partnership and its assets rests with the Managing Venture I, Inc. has, and will continue General to have, Prime and day-to-day control of the Partnership and i so assets, including the cable television system and the cable franchise. By law, the limited partners of the Partner- ship are prohibited from exercising control over the Partnership or its business. limited partnership onsequently, sale of offering as proposed in interests F tdo does not oresult public transfer of control, in any Ownership and control of the Partnershi has the course identified in the materials previousl followed Y ted to the Town, including the sales of limited submit- ship interests through public offerings by ShearsonrLehman Brothers, Inc. and the arrangement of long-term loans for the Partnership. There has been no material change in the ownership or in the officers, directors and shareholders of the Managing General Partner. previously ll of the principals y identified in the materials submitted to the Town remain involved in the ownership and management. g nt. Pur ose Of Transfer As shown on Form F, =� j Lion of the Chapel Hill system of et financing o long-term acquisi- tion secured by the assets of the cable system. Other funds were to be raised by the sale of limited partnership interests. The funds generated by the sales of limited iP partnership interests and the funds from the loans ar Partnership funds. Similarly, _ are loans will be a Partnership obligation. The to a the lender