ORDER
STANDISH TOWN COUNCIL
DATE: June 7, 2005
ORDER NUMBER: 79-05 SUBMITTED BY: Simpson
TITLE: RELEASE OF REGIONAL I-NET CAPITAL FUNDS TO SACO RIVER COMMUNITY
TELEVISION CORPORATION.
WHEREAS a capital grant as seed money to establish an Intra-Net was received by six towns 1998 in the amount of $9951.53, and
WHEREAS these funds could not be retained by the group since they had not organized a 501(c)3 (non-profit) entity for such purposes, and
WHEREAS the Town of Standish agreed to hold in an interest bearing escrow account such funds until such time as the six towns developed a plan, additional funding to purchase equipment, and eventually establish the Saco River Cable Television (non-profit) Corporation.
WHEREAS the six member communities have agreed to the transfer of these escrow funds from the Town of Standish to the Saco River Community Television Corporation, upon execution of the “Municipal Agreement – May 2005,” and
WHEREAS the funds will be thence identified in the annual audit that the towns currently receive from Saco River Community Television Corporation, allowing any of the 6-member towns to request its share of capital and interest, provided that it be kept in a separate interest bearing account until it is used to purchase computer network equipment that will be connected to the “I-Net” as specified in the Franchise Agreement, then
BE IT ORDERED that the Town Treasurer be authorized to transfer the original capital balance along with all accrued interest to date to the Saco River Community Television Corporation once the “Municipal Agreement- May 2005” has been executed by all six member communities, and
FURTHER ORDERED that that the Town Manager is authorized to execute documents related to this matter on behalf of the Town of Standish.
APPROVED __________________ DISAPPROVED__________________
ROLL CALL YEA NAY ABSTAIN
CHRISTY _________________________________________________
HOPKINS _________________________________________________
LYMBURNER_______________________________________________
NESBITT ___________________________________________________
POMERLEAU_______________________________________________
SIMPSON __________________________________________________
SPENCER ___________________________________________________
CLERK/SECRETARY ____________________________
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