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• <br />• <br />Commission by filing a written notice with the secretary- treasurer by October 15 of any <br />given year giving notice of withdrawal effective at the end of the calendar year; and <br />membership shall continue until the effective date of the withdrawal. A notice of <br />withdrawal may be rescinded at any time by a member. If a member withdraws before <br />the dissolution of the Commission, the member shall have no claim against the assets of <br />the Commission, except as provided herein. A member that has withdrawn from the <br />Commission may, if no bonds, obligations or other forms of indebtedness are outstanding <br />upon request, recover up to 1/4 of any equity that exists, as of the withdrawal date, in real <br />property and buildings purchased or constructed with any bonds, obligations or other <br />indebtedness issued by the Commission. The Commission may if no bonds, obligations <br />or other indebtedness is outstanding, at any time after the withdrawal of a member as <br />provided for herein, initiate a buy out of the '/4 equity interest of the withdrawn member, <br />pursuant to the same terms and conditions as provided in this section. The amount of any <br />equity distributed to a withdrawn member will be paid, without interest, on a payment <br />schedule established by the Commission, provided, however, the term of such payment <br />schedule shall not exceed five (5) years. When calculating an equity repayment schedule, <br />the Commission may deduct the withdrawn member's 1/4 share of outstanding <br />indebtedness from the amount of any equity due to the withdrawn member. A <br />withdrawing member shall have no claim to the franchise fee collected on its behalf for <br />the year in which its withdrawal is effective, except for the reimbursement of cable - <br />related expenses for that year. If no bonds, obligations or other forms of indebtedness are <br />outstanding, for the calendar year following withdrawal, and for all subsequent years, the <br />franchise fee calculated upon gross revenues attributable to the system within the <br />withdrawn member shall be paid by Grantee directly to the withdrawn member. <br />6. That this resolution shall be effective immediately. <br />The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br />Hendriksen, and upon vote being taken thereon, the following voted in favor thereof: <br />Mayor Gamec <br />Councilmember Kurak <br />Councilmember Hendriksen <br />Councilmember Anderson <br />Councilmember Zimmerman <br />and the following voted against the same: <br />None <br />and the following abstained: <br />None <br />Resolution #01 -05 -208 <br />Page 3 of 4 <br />