Sandown Cable Access Board renews maturing CDs for six months; board recommends chair reappointment

The Sandown Cable Access Board voted March 24 to renew two certificates of deposit coming due for another six months while members study whether to move some franchise-fee funds into a capital-reserve investment.

Chair Richard Lewis opened the meeting and said his term is expiring; he told the board he was "willing and able" to serve another two-year term. A board member moved to recommend Lewis' reappointment to the town selectmen and the motion was seconded; the board agreed and said the selectmen will take up the recommendation at their April 9 meeting.

Board discussion focused on how the board holds franchise-fee revenue. Members reported the account balance was about $151,000 at the end of February and debated whether to continue rolling short-term CDs or to place the funds into a pooled capital-reserve account used elsewhere in town. One member warned the board’s charter currently directs that franchise-fee revenue be used "for the cable system only," and urged caution about changing the arrangement without legal review.

Richard Lewis moved that the CDs maturing in the near term be renewed for six months to buy time for that due diligence; a second was recorded and the motion passed on a voice vote. Board members asked staff to get interest-rate comparisons and clarification from the treasurer and the town finance director so the board can compare CD yields to possible reserve-fund returns before making a longer-term move.

Operations staff also cautioned that moving funds to an investment account could expose the board to market risk and might not carry the same insurance protections as bank CDs. The board agreed to reconvene that financial discussion after staff provides specific rate comparisons and legal guidance.

The board set its next regular meeting for May 26 and encouraged residents to contact the station at channel16@sanddown.usemail with program ideas.