2002-12-19 CC Packet - Laserfiche WebLink

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.. ' r and credit Of taxing power of the Members. No bonds, obligations or other forms of indebtedness other than the Bonds may be issued by the Commission without the prior consent of the Members. 4. That Article VIII, Section 13 of the Agreement shaH be renumbered as Section 17. 5. That Article XI, Section 3 of the Agreement shall be amended to re~d as follows: The financial contributions of the Members in SUPP01t of the Commission shall be in direct prop0l1ion to the percent of annual subscriber revenues of each Member to the total anmw1 revenues of the system multiplied by the Commission's annual budget. The an:'ual budget shall establish the contribution of each Member for the ensuing year and a timetable for the paymen of said contributions. Each Member shall cause its fi'anchise f~es to be paid directly to the Commission, as a credit against that p.;Jember' oS annual financial contribution o"ved tbe COfi1m.ission, ,ti>!ith. any excess being remi:,c!~d to iDe lVlember by the CornlnisSl('n and any shortfall being payable to 1:I;e ('ommission by the 1\1ember. The rem(j.lllder of any fr.LE1chi3e fee remitted back t'J a Tvtember by tbe Co_mmis~ion shaH be used t()r cpblp,^rejat~d ~"x~cnseQ '" '..' ~ .... .~v ..... k' ~'_ -.;J. i':'L S~~ction 5 of t'k~ /\greemert r~t1!:~H be arn~Dd~~d to read a~-: foUc--'':'iS: Sectl0;). A n"y,nnQr'd :"'UML't Y(){ nl<'-~ cfth~ Cornm~c:sion^ tnd,Lidj(lr~ - c" '"r--"""-,'" c..-. "<:,o'~ -' ,- v .. ~-" the Cc:ntnu.nity IYledia Center and the regularly scheduled cj-.;t ser',' ice on the Bonds described in Artide '\/HI, Section 13 ofu:ls agreerT1cnt, for f;~LL, calendar year sLidJ be fonnulated by the }=~~xecu!:iv~~ f)ircctor under the (,r~ctl~)n of the (lperalions Com~niHi;,;c and 3ubrniu,::,'{} to lh..e Core.mission Oil or before JUlY 1. G F each year. The COJnr{}!:ibion, shan 11e propos;:;dbudget to the i\1eKnOBr'$ or or befcrc August 1 of Co', i,) YDar. 3uch budget shaH t.1e deerned approved by a 0/lemb..r t>::-'less, prior to October 15 pr-ccediig the effed~ve da(c~ of tce propcsed budget, the IVie(n!:,;~:r glvet~ notice in vvriting 'to the Comrnl$sion t:~iat it js wit.hdravving ifcHn he COinmissio:_., subject to Article X.1.r~ Section 2 of this agreernent. Final actIon adoptin.g a bt':dgct for "he ensuing caler.dar year shall be t"ken by the C)mmission O!l or before November l of each year. 7. That Article XII, Sectiml ';> of:hc Ai>""mem shall be arwnded to read as follows: Section 2. In ,)rder to prevent ohligation for its anlJual financial contribution to the Conlmission budget for the ensuing year (excepting thf; Ivlemher's continuing share vf the debt service due from year to year on outstanding Bonds, as described in Article VIII, Section 13 of this agreement,! a M6mber sh?Jj \vithdra\v fro-t the COlnmission by flling a \-vritte.n not~c,e \\'itll the ~;Ccfetary by Cstober ] 5 of any given year giving notice of withdrawal effective at the end of the calendar year; and membership shall continue until the effective dzc.e of the with,[,'awaJ. A notice of withdrawal may be rescinded at any time by" Member. If a Memb;;r withdraws before the dissoluti,'o of the Commission, the Member shall have nc, claim against the assets of the Commission, except as provided