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ORANGE COUNTY BOARD OF COMMISSIONERS <br />A RESOLUTION PROVIDING APPROVAL FOR THE <br />SPIN-OFF OF TIME WARNER CABLE INC. <br />WHEREAS, Orange County, North Carolina ("Franchising Authority") has granted a <br />cable television franchise (the "Franchise") to an entity (the "Franchisee") which is a <br />subsidiary or affiliate of Time Warner Cable Inc. ("Time Warner Cable"); and <br />WHEREAS, Time Warner Cable is apublicly-traded corporation, with approximately <br />84% of its common stock currently held indirectly by Time Warner Inc.; and <br />WHEREAS, Time Wamer Cable and Time Warner Inc. have entered into an <br />agreement to effect a complete separation of Time Warner Cable from Time Warner Inc. (the <br />"Spin-Off°); and <br />WHEREAS, upon closing of the Spin-Off, one hundred percent (100%) of stock of <br />Time Warner Cable will be publicly traded; and <br />WHEREAS, Time Warner Cable and Time Warner, Inc. have filed FCC Form 394 <br />providing details regarding the Spin-Off; and <br />WHEREAS, the Franchisee has provided documentation indicating construction of <br />over 35 miles of cable lines to serve a total of 1304 homes and lots in unincorporated Orange <br />County since the franchise ordinance was authorized by the Board of County Commissioners <br />in 2005, and <br />WHEREAS, the Franchisee has agreed to an administrative process that will provide <br />the Franchising Authority with mapping information sufficient to allow the Franchise Authority <br />to verify and monitor performance under the service extension requirements as defined by <br />the franchise ordinance, and <br />WHEREAS, the Franchising Authority wishes to grant its approval for the Spin-Off as <br />described above; <br />NOW, THEREFORE, BE IT RESOLVED BY FRANCHISING AUTHORITY: <br />Section 1 The Franchising Authority hereby approves the Spin-Off. <br />Section 2 Upon the closing of the Spin-Off, the Franchise shall remain <br />bound by the obligations under the Franchise. <br />Section 3 This Resolution shall become effective immediately. upon <br />passage by the Franchising Authority. <br />PASSED, ADOPTED AND APPROVED this day of , 2008 <br />By: <br />Barry Jacobs, Chair <br />Orange County Board of Commissioners <br />ATTEST: <br />County Clerk <br />