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At least one successful reverse auction is required to set minimum prices for a forward auction. For the results of a forward auction to be valid, auction proceeds must at a minimum cover: (1) payments to broadcasters that relinquished spectrum for auction, (2) the costs to the FCC of conducting the auctions, and (3) the estimated costs for relocation of other broadcasters; the latter is not to exceed $175 million, deposited in a TV Broadcaster Relocation Fund. If auction revenues do not cover costs as specified in the act, the FCC may not assign new licenses and planned reassignments and reallocations may not occur.[1]
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