2003-03-26 CC Packet - Laserfiche WebLink

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, I That Article XI, Section 5 of the Agreement shall be amended to read as follows: Section S. A proposed bUdget for the operation of the Commission, including the Community Media Center, 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 Mem~ on or before August 1 of each year. Such budget shall be deemed approved by a Member unless, prior to October 15 prec.eding 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 xu, 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 xu, Section 2 of the Agreement shall be amended to read as follows: 6. Section 2. . In order to prevent obligation for its Operating Cost Share for the ensuing calendar year, a Member must withdraw from the Commission by filing a written notice with the secretary by October 15 of any year giving notice of withdrawal effective at the end of the calendar year; and membership shall contime until the effective date of the withdrawal. A notice of withdrawal may be rescinded by a Member at any time prior to the effective date of withdrawal. If a Member withdraws before the dissolution of the Commission, the Member shall have no c1aim apinllt the assets of the Commission, including the right to receive an allocation of franchise fees, except as provided herein. A Member withdrawing after October 15 shall be ob1iwttM to pay its entire Operating Cost Share (mcluding any shortfiills) for the ensuing year as outlined in the budget of the Commission for the en~ling year. A withdrawn Member will continue to be responsible for its Debt Service Share (payable only from the withdrawn Member's franchise fees) notwithstanding its withdrawal from the Commission, and shall contimJe to have its .franchise fees paid directly to the Commission until all Bonds have been paid. Any excess of the withdrawn Member's franchise fees over the withdrawn Member's Debt Service Share (and any required Operating Cost SI1are, if the Member gave notice of withdrawal after October 15 of the preceding calendar year) shall be remitted by the Commission to the withdrawn Member. A Member that has withdrawn from the Commission may, if no Bonds . are o1.11:stat'ding, upon request, recover an amount of any equity that exists, as of the withdrawal date, in real property and buildings purchased or constructed with any Bonds,.up to (but not exceeding) the Member's individual percema.ge of total franchise fees paid to all the Members (or their designee) and the withdrawn Member for the calendar year precMing withdrawal. The Commission may, if no Bonds are outstanding, at any time after the withdrawal of a Member as provided for herein, initiate a buy-out of the proportionate equity interest of the withdrawn Member, which interest is to be the withdrawn Member's individual percentage of total franchise fees paid to the Members (or their designee) and the withdrawn Member for the calendar year preceding the buy-out, pursuant to terms and conditions agreed upon by the parties. The amount of any equity distributed to a 4