02-22-2016 Council Packet - Laserfiche WebLink

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Section 8. The Commission may obtain from Grantee and from any other source, such information relating to rates, costs and service levels as any Member is entitled to obtain from Grantee or others. Section 9. The Commission may accept gifts, apply for and use grants, enter into agreements required in connection therewith and hold, use and dispose of money or property received as a gift or grant in accordance with the terms thereof. Section 10. The Commission shall make an annual, independent audit of the books of the Commission and shall make an annual financial accounting and report in writing to the Members. Its books and records shall be available for examination by the Members at all reasonable times. Section 11. The Commission may delegate its authority to its executive committee. Such delegation of authority shall be by resolution of the Commission and may be conditioned in such a manner as the Commission may determine. Section 12. The Commission shall adopt By -Laws which may be amended from time to time. Section 13. The Commission is given express authority to issue bonds, obligations and other forms of indebtedness, in a principal amount not to exceed $2,500,000 (the "Bonds"), for any purpose consistent with the authority granted to the Commission in this Agreement. , to finance the Commission's purchase of real property and its construction and acquisition on that property of a public access center and an operations/studio facility, to include the Community Media Center and thc offices of thc Commission (the "Project"). The term "Bonds" shall also include bonds issued to refund and refinance the Bonds, or any portion thereof. Refunding Bonds shall not count against the $2,500,000 limit except to the extent that the amount of the refunding Bonds exceeds the amount of the Bonds being refunded thereby, but that limit shall not apply to any issue of refunding Bonds which produces an overall savings in debt service cost. As provided in Minn. Stat. § 471.59, subd. 11, the Bonds shall be obligations of the Commission which are issued on behalf of the Members, and shall be issued subject to the conditions and limitations set forth in Minn. Stat. § 471.59, subd. 11. The Bonds shall be payable solely from the Member's franchise fees, as hereinafter provided. The Commission may not pledge to the payment of the Bonds the full faith and credit or taxing power of the Members. No bBonds, obligations or other forms of indebtedness other than the Bonds may be issued by the Commission without the prior consent of the Members. Section 14. The Commission shall provide ongoing oversight of the Operations Committee. Section 15. The Commission shall recommend and forward to the Member cities the Commission's annual budget, and the Community Media Center's operating budget and work plan. Section 16. The Commission shall periodically review expenditures related to the Community Media Center. [ Formatted: Font: Italic