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• RECT AUG 2 6 1986
<br /> 14
<br /> K illy e Companies Av
<br /> 88 McClamroch Circle•P.O. Box 3300•Chapel Hill, North Carolina 27515.9191968.4811 Robert E.Woodruff
<br /> Vice President and Controller
<br /> August 22, 1986
<br /> Mr. Ken Thompson
<br /> Orange County Manager
<br /> 106 E. Margaret Lane
<br /> Hillsborough, NC 27278
<br /> Dear Ken:
<br /> In May 1985, Village Companies offered a grant to Chapel Hill, Carrboro,
<br /> Orange County and the Chapel Hill-Carrboro City Schools to match expendi-
<br /> tures, up to a total of $25,000, for the purchase of equipment and related .
<br /> non-personnel costs to.cablecast public meetings by these governmental
<br /> bodies.
<br /> •
<br /> The initial offer was accepted by Chapel Hill and Orange County, and
<br /> Orange County indicated it would fund the City School matching funds.
<br /> In order to provide an orderly process for this grant, the following
<br /> . procedure is established for allocation and disbursement of the matching
<br /> funds.
<br /> By October 15, 1986, those who wish to participate in this procedure should .
<br /> indicate their intent to participate by notifying us in writing. In this
<br /> way, each will know the amount of the required escrow deposit.
<br /> Based on the number of participants, each will deposit its pro rata portion •
<br /> . of $25,000 into an escrow account on January 15, 1987. At that same time,
<br /> Village Companies will deposit an amount equal to the total of such deposits
<br /> . up to $25,000. Earnings on the escrow account will be used to offset any
<br /> escrow agent fees with any excess to be distributed to those who made the
<br /> initial deposits (including Village Companies) on a pro rata basis, based on
<br /> the initial deposits.
<br /> The funds will be disbursed to the appropriate governmental body up to a
<br /> maximum of twice the amount of its initial deposit upon submission of
<br /> copies of invoices for amounts spent for cablecasting equipment and related
<br /> non-personnel costs.
<br /> On July 1, 1987, any funds remaining from the . initial contribution by any
<br /> governmental body will be returned. The balance of The Village Companies'
<br /> contribution is available to match additional invoices from the other
<br /> governmental bodies. If there are no additional invoices to be matched, the
<br /> balance will be returned to Village Companies.
<br /> ' =;,r.s•%';ctr_;ir. ,':, S Inc.'J'.CriL.Chapel C.•V,I!npn Cnneocni,.a!i ns,Inc.WKQQ, Ltx n''on,Ky.•Vi loom 6roadcastin ,In c.VJZ?U, N.C.
<br /> .
<br /> .;,wvts,i-c,'Frr: i ar F< e;.Sporl3 i i tV/0.k,l;hap°I Hill, N.C.•-fie Print Shop,Inc.Chapel Lliil and Durham,N.C.����
<br /> Corp.The Viet;; e Ai locate- Cirectcries.The Tr in;lyie Pointer,Vil IaF�o rPrinting Co.,C Mail Advoc,t a,
<br /> Chapel Hill,M.C.
<br /> 4"['ags Ci&o,Inc.Chapoi Hill, )r,nve Ccunt ,CnjTh;m County,Fit;ahoro,N.C.•Village Video Productions,Inc.Chapel Hill,N.C.
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