Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />, <br /> <br />WHEREAS, future Franchise Fees available to the Commission and <br />the City are sufficient to service and retire this loan over time; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Elk <br />River that the City of Elk River shall loan Fifty Thousand Dollars <br />($50,000.00) to the Sherburne/Wright County Cable Communications <br />Commission. The loan shall be repaid in six annual installments at <br />an interest rate of eight and one-half percent (8.5%) per annum on <br />the unpaid balance from the delivery date of the money until fully <br />repaid; and <br />BE IT FURTHER RESOLVED, that should dissolution of the <br />Commission occur prior to complete repaYment, the assets of the <br />Commission shall first be allocated to satisfy this loan obligation <br />and any accrued interest prior to any pro rata distribution of any <br />assets to Member Cities; and <br />BE IT FURTHER RESOLVED, that should dissolution of the <br />Commission occur prior to complete repaYment, the Member Cities <br />further agree to pledge their pro rata share of the franchise fee <br />toward repaYment of this obligation and are further jointly and <br />severally liable for their pro rata share of this obligation; and <br />BE IT FURTHER RESOLVED, that any remaining loan obligation and <br />any accrued interest shall be satisfied from future Franchise Fee <br />paYments to the City of Elk River. <br />Motion by Councilmember Holmgren ; seconded by <br />Councilmember Dobel <br />The following Councilmembers voted in the affirmative: <br />Vice Mayor Schuldt, Councilmembers Holmgren, Dobel, and <br />Kropuenske <br /> <br />2. <br />