02/10/2003 Council Packet - Laserfiche WebLink

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• • The financial contributions of the Members in support of the Commission shall be in direct proportion to the percent of annual subscriber revenues of each Member to the total annual revenues of the system multiplied by the Commission's annual budget. The annual budget shall establish the contribution of each Member for the ensuing year and a timetable for the payment of said contributions. Each Member shall cause its franchise fees to be paid directly to the Commission, as a credit against that Member's annual financial contribution owed the Commission, with any excess being remitted to the Member by the Commission and any shortfall being payable to the Commission by the Member. The remainder of any franchise fee remitted back to a Member by the Commission shall be used for cable - related expenses. 6. That Article XI, Section 5 of the Agreement shall be amended to read as follows: Section 5. A proposed budget for the operation of the Commission, including the Community Media Center and the regularly scheduled debt service on the Bonds described in Article VIII, Section 13 of this agreement, for each calendar year shall be formulated by the Executive Director under the direction of the Operations Committee and submitted to the Commission on or before July 1 of each year. The Commission shall submit the proposed budget to the Members on or before August 1 of each year. Such budget shall be deemed approved by a Member unless, prior to October 15 preceding the effective date of the proposed budget, the Member gives notice in writing to the Commission that it is withdrawing from the Commission, subject to Article XII, Section 2 of this agreement. Final action adopting a budget for the ensuing calendar year shall be taken by the Commission on or before November 1 of each year. 7. That Article XII, Section 2 of the Agreement shall be amended to read as follows: Section 2. In order to prevent obligation for its annual financial contribution to the Commission budget for the ensuing year (excepting the Member's continuing share of the debt service due from year to year on outstanding Bonds, as described in Article VIII, Section 13 of this agreement), a Member shall withdraw from the Commission by filing a written notice with the secretary by October 15 of any given year giving notice of withdrawal effective at the end of the calendar year; and membership shall continue until the effective date of the withdrawal. A notice of withdrawal may be rescinded at any time by a Member. If a Member withdraws before the dissolution of the Commission, the Member shall have no claim against the assets of the Commission, except as provided herein. A Member withdrawing after October 15 shall be obligated to pay its entire contribution for the ensuing year as outlined in the budget of the Commission for the ensuing year. Each Member acknowledges that applicable portions of its annual contribution pursuant to Article XI, Section 3 of this agreement will be for that Member's respective share from year to year of the debt service (the "Debt Service Share ") on the Bonds and that said Debt Service Shares will be pledged by the Commission to the payment of the Bonds. So long as the Bonds are outstanding, any Member withdrawing from the Commission 3