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<br />. <br /> <br />RESOLUTION ~ <br /> <br />LOAN TO SHERBURNE/WRIGHT COUNTY <br />CABLE COMMUNICATIONS COMMISSION <br /> <br />WHEREAS, the Sherburne/Wright County Cable Communications <br /> <br />Commission (hereinafter "Commission") is a joint powers commission <br /> <br />duly organized pursuant to Minnesota Statutes S 471; and <br /> <br />WHEREAS, the City of Elk River (hereinafter "City") is a Member <br /> <br />City of the Commission; and <br /> <br />WHEREAS, the Commission has historically received contributions <br /> <br />from its Member Cities for the operating budget of the Commission; <br />and <br /> <br />WHEREAS, the contributions from the Member Cities to the <br /> <br />Commission have been made in one fiscal year and repaid in the <br /> <br />following fiscal year from Franchise Fee revenue from the cable <br /> <br />. company serving residents of the Member Cities; and <br />WHEREAS, the Commission has adjusted its budget to repay in one <br /> <br />. <br /> <br />fiscal year Member Cities for past and current contributions to the <br /> <br />Commission; and <br /> <br />WHEREAS, such budget adjustments exceed current Franchise Fees <br /> <br />available to the Commission, causing a budgetary short-fall; and <br /> <br />WHEREAS, the Commission is desirous of borrowing such short-fall <br /> <br />from a Member City so that the interest paid on such loan could <br /> <br />benefit a Member City as opposed to an outside source; and <br /> <br />WHEREAS, the City is desirous of loaning such short-fall to the <br /> <br />Commission so as to benefit from the interest to be paid by the <br /> <br />Commission; and <br />