Current through Register Vol. 56, No. 6, March 18, 2024
(a) Petitions for the approval of the sale, conveyance, or lease of real or personal property, or the granting of an easement, or like interest therein as required by law shall conform to the provisions of N.J.S.A. 48:5A-1 et seq., and N.J.A.C. 14:17-4 and 6.1 through 6.4, to the extent applicable, and shall in the body thereof, or in attached exhibits, also provide the following information:
1. A separate sheet or sheets designated Schedule "A" containing a description of the property. Copies filed must be in accordance with the requirements set forth in N.J.A.C. 14:1-1.6, regarding the filing of petitions.
i. For real property, show the location by municipality and county, a metes and bounds or other adequate description of the property and rights of any, reserved by the cable television company.
ii. For personal property, include sufficient information to identify the property adequately;
2. The name of transferee or lessee, the consideration or rental and method of payment thereof, and rights reserved by the transferor or lessor;
3. A copy of the written agreement, if any. If there is no written agreement, it shall be so stated;
4. A certified copy of the resolution of the Board of Directors or other authority authorizing the transfer or lease;
5. The purpose for which property was originally acquired, the date of acquisition, the use made of the property, the date when and circumstances under which it ceased to be useful for cable television purposes, the present use, the possible prospective use, if any, and the identity of the official or officials who determined that the property is not now nor prospectively required or useful for cable television purposes;
6. The basis of the price or rental: Assessed valuation, appraisal, comparable sales, or other basis; whether it is the best price or rental obtainable; an appraisal, if any, shall be attached as an exhibit;
7. Whether the proposed consideration or rental represents the fair market value of the property to be conveyed or leased;
8. The steps taken to put this property on the market and accomplish its sale or lease. If it was advertised, how it was advertised. If bids were solicited, the names of bidders and the consideration or rental offered shall be included;
9. Whether there is any relationship between the parties other than that of transferor and transferee, or lessor and lessee. If so, explain the relationship;
10. The actual cost at date of acquisition, and the cost and nature of any improvements;
11. The amount at which the property is now carried on the cable television company's books;
12. Copies of proposed journal entries to record the transaction when the consideration is more than $ 20,000;
13. If property is income producing, include details of what the petitioner pays such as carrying charges, taxes, and assessed valuation;
14. If the property is encumbered by any mortgage, describe the mortgage, state the amount thereof and the time required to obtain a release; and
15. When the property to be sold or leased has a net book cost or fair market value of more than $ 500,000, the petitioner must attach to the petition copies of the advertisement required by (b) below, and proof of publication.
(b) Where the Board's approval of sale or lease is required by law and the property has a net book cost or fair market value of more than $ 500,000 the property shall be advertised for sale or lease at least twice, one week apart, in a daily newspaper published or circulated in the county in which the property is located, within 90 days immediately prior to the filing of the petition for the approval of the sale or lease, except that advertising shall not be required for sale or lease of property for cable television purposes to another cable television company or other person or company subject to any jurisdiction of this Office or Board, and the advertisement shall contain the following:
1. A description of the property to be sold or leased and improvements thereon. In the case of land, this shall include the street address, if any, and a description sufficient to identify the location of the property and its approximate size, which may be a description by metes and bounds or lot and block numbers;
2. The place where the property is located or may be inspected, together with the street address, if any;
3. Conditions of the sale or lease, if any, together with a provision that the cable television company may reject any or all bids;
4. A statement that the sale or lease is subject to the approval of the Office of Cable Television, Board of Public Utilities;
5. A statement of the place and final date of submitting sealed bids, which shall not be less than 10 days after publication of the second advertisement together with a statement of the time and place of the opening of said bids, which shall not be more than five days following the final date submitting bids, at a place in New Jersey; and
6. A sealed bid, in accordance with the requirements of (b)5 above, must be submitted by a prospective purchaser or lessee. However, an offer or agreement to purchase or lease in writing received by the cable television company or executed before the first date of advertising, and still in effect at such date, shall be considered as if it were a sealed bid, provided such offer or agreement in writing meets all other conditions of sale or lease, if any, included within the advertising.
(c) In addition to any other transactions not requiring approval or which on their merits may be deemed to be in the ordinary course of business, any lease, grant or permission by a cable television company to occupy or use its real property or any interest therein, which is terminable at the option of the cable television company upon notice not to exceed 90 days, and any release, by quitclaim deed or otherwise by any cable television company of any lease, easement or permission to occupy or use real property, shall be deemed to be in the ordinary course of its business and neither notice to the Office, nor petition for its approval, shall be required with respect thereto.
(d) In addition to any other transactions that, on their merits, may be deemed to be in the ordinary course of business, the sale, lease, encumbrance, or other disposition by any cable television company of such of its property or an interest therein as is hereinafter set forth, may be consummated without petition to the Office for approval, provided the cable television company shall have given written notice thereof to the Office, to be received not less than 30 days prior to the effective date of the proposed sale, lease, encumbrance, or other disposition of such property:
1. The sale of personal property having a net book cost and sale price not in excess of $ 100,000 and which is no longer used by or useful to the cable television company;
2. Except as provided in this section, the lease or permission to use or occupy real property or any interest therein having a net book cost not in excess of $ 500,000 and a net rental not in excess of $ 25,000 per annum;
3. The sale or release of real property, or any interest therein, not used by or useful to the cable television company and having a net book cost and sale price not in excess of $ 500,000.
(e) On expiration of the notice period and on payment of the required fee, the Secretary will certify on a true copy of the notice to be furnished to the Board, that such sale, lease, or release is deemed by the Board to be in the ordinary course of business and within the statutory proviso. Such notice shall contain, to the extent applicable, the following:
1. The name of transferee or lessee, the consideration or rental and method of payment thereof, and rights, if any, reserved by the transferor or lessor;
2. A copy of the agreement or lease and a map of the real property;
3. A statement that the proposed consideration or rental represents the fair market value of the property to be conveyed, or the fair rental value of the property to be leased, giving the basis for the conclusion reached;
4. A statement of any relationship between the parties other than transferor and transferee, or lessor and lessee, or a statement that there is no such other relationship, as the case may be;
5. The amount at which the property is carried on the cable television company's books;
6. A statement as to whether or not the property is income producing and if so, details as to whether the petitioner pays all carrying charges, including taxes. In addition, such statement shall include the assessed valuation of the property;
7. A statement, in the case of proposed sale, that the property is not used by or useful to the cable television company, and in the case of a proposed lease, grant or permission, that the transaction will not compromise the ability of the cable television company to render service;
8. A verification by a properly authorized officer, partner or proprietor of the statements contained in the notice;
9. A blank space of three inches shall be provided at the bottom of the first page of the notice for the Board's certification.
(f) The Board or Office may, within the aforesaid 30-day notice period, or at any time prior to the actual consummation of the transaction, suspend the provisions of (d) above and require the filing of a petition for the approval of the sale, lease, encumbrance or other disposition.
