Agenda Packets - 1996/12/02 - Laserfiche WebLink

Home Browse Search

the Operating Expenses are not reasonable necessary to operate the facility as intended, the Joint Board may object to the proposed budget at least 60 days prior to the beginning of a new Fiscal Year. lithe Joint Board does not take action to object to the proposed Operating Expenses within 60 prior to the new Fiscal Year, the Operating Expenses and the Annual Budget shall be deemed to approved by the Joint Board, and the Guaranteed Hourly Rate for the Fiscal Year shall be deemed to be approved. In the event that MASC and the Board are unable to agree, the question of reasonableness of the budget shall be submitted to binding arbitration with the Office of Alternative Dispute Resolution in the State Bureau of Mediation Services. The proposed Annual Budget, and the Guaranteed Hourly Rate included therein, shall be in effect as the first day of the Fiscal Year in the event that any arbitration hereunder is not completed as of the beginning of the Fiscal Year. MASC members on the Joint Board shall be permitted to vote on the Annual Budget as board members. d. Enforcement of Obligations MASC is hereby delegated as the sole party to this agreement charged with the duty of enforcing the rental and Guaranteed Hours obligations of the other four parties. In its discharge of this duty, MASC in its discretion may employ any dispute resolution, mechanisms and techniques including negotiations, mediation, arbitration and litigation. 2. Procedure Each year, prior to each rental season (as defined by the Joint Board) each party shall notify MASC on such terms and conditions as are deemed appropriate by the Joint Board of the number of hours of the party's Guaranteed Hours for which the party has obtained either a commitment from a third parry to rent the applicable ice sheet or for which the party has determined to use the applicable ice sheet for its own use (herein referred to as "Secured Rental Income") it has obtained for that season. MASC will then credit such hours as a preliminary reservation towards the parry's obligation under III.E.(1) above. At the same time, each such parry may release in writing Guaranteed Hours for marketing by iVIASC. In such case, preliminary credit towards the obligation under III.E.(1) above will be provided in the same proportion as the hours released by that party bears to the total hours released by all parties. Credit against Guaranteed Hours shall accrue only when released hours are actually rented and the applicable rental income is received by MASC. In addition, all hours secured by MASC above its MASC Sheet Hours and MASC Additional Hours shall be credited equally to the other parties to this agreement. 3. MASC will provide each parry an estimate of the reconciliation between Guaranteed Rental Income and income actually received and projected to be received by year end by December 1, or each year. In the event that any • party fails to pay or otherwise provide for the payment of Guaranteed Rental