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2020-04-22 CC Packet
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2020-04-22 CC Packet
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any required Operating Cost Share, if the <br />Member gave notice of withdrawal after October 15 of the preceding calendar year) shall <br />be remitted by the Commission to the withdrawn Member. A Member that has <br />withdrawn from the Commission may, if no Bonds are outstanding, upon request, recover <br />an amount of any equity that exists, as of the withdrawal date, in real property and <br />buildings purchased or constructed with any Bonds, up to (but not exceeding) the <br />designee) and the withdrawn Member for the calendar year preceding withdrawal. The <br />Commission may, if no Bonds are outstanding, at any time after the withdrawal of a <br />Member as provided for herein, initiate a buy-out of the proportionate equity interest of <br />the withdrawn Member, which interest is to be the withdrawn <br />percentage of total franchise fees paid to the Members (or their designee) and the <br />withdrawn Member for the calendar year preceding the buy-out, pursuant to terms and <br />conditions agreed upon by the parties. The amount of any equity distributed to a <br />withdrawn Member will be paid, without interest, on a payment schedule established by <br />the Commission, provided, however, the term of such payment schedule shall not exceed <br />five (5) years. When calculating an equity repayment schedule, the Commission may <br />share of outstanding indebtedness from <br />the amount of any equity due to the withdrawn Member. Notwithstanding anything to <br />the contrary, a withdrawing Member shall have no claim to the franchise fee or PEG fee <br />the Grantee collected on its behalf for the year in which its withdrawal is effective, except <br />for the reimbursement of cable-related expenses for that year. If no Bonds are <br />outstanding, for the calendar year following withdrawal, and for all subsequent years, the <br />entire franchise fee calculated upon gross revenues attributable to the system within the <br />withdrawn Member shall be paid by Grantee to the withdrawn Member in accordance <br />with the Franchise. <br />Section 3. In the event of dissolution, the Commission shall determine the measures <br />necessary to eaffect the dissolution and shall provide for the taking of such measures as <br />promptly as circumstances permit, subject to the provisions of this agreement. Upon <br />dissolution of the Commission all remaining assets of the Commission, after payment of <br />obligations, shall be distributed among the then existing Members in proportion to the <br />most recent Member by Member breakdown of the franchise fee as reported by the <br />Grantee. The Commission shall continue to exist after dissolution for such period, no <br />longer than six months, as is necessary to wind up its affairs but for no other purpose. <br />IN WITNESS WHEREOF, the undersigned municipality has caused this agreement to be <br />signed on its behalf this _____________day of ________________________, 202016. <br />City of___________________________________________, Minnesota <br />ATTEST: <br />__________________________________ ____________________________________ <br />City Clerk Mayor <br /> <br />
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