(A) The town’s Broadband Utility (Enterprise) Fund is hereby established. Initially, this Fund will be financed by a $200,000 capital investment loan from a bank. All revenues from broadband installation, sales, advertising, and the like shall be placed in this Broadband Utility Fund. Similarly, all expenses which are generated by the wireless broadband enterprise shall be paid out of this Fund, including repayment of the initial loan.
(B) The Clerk-Treasurer and the Town Council President are hereby authorized to sign the necessary bank documents to secure a $200,000 initial loan from a bank. The town is pledging the Town Shop property, 11.383 acres, as collateral for the loan. This process is in accordance with policies provided to the town by the state’s Department of Local Government Finance.
(Ord. G-06-37, passed - -; Ord. G-07-20, passed 6-21-2007)