Laserfiche WebLink
l Income as obligated above, such party will pay the difference between <br /> • income secured and income obligated within 30 days after the year end <br /> reconciliation of accounts showing the deficit is presented to each party. <br /> F. SCHEDULING AND PROGRAMMING <br /> Scheduling and programming policies shall be determined by the Joint Board, except <br /> that scheduling may not be inconsistent with this Master Agreement. Each party has <br /> sole discretion in scheduling and programming it priority hours hot inconsistent with <br /> this Master Agreement. <br /> G. FINANCING OPERATIONS <br /> Appropriate books and records representing the operating revenues and expenses and <br /> capital assets and liabilities relating to the facility shall be maintained by MASC. The <br /> following reserve accounts shall be maintained. <br /> 1. Application of Revenues <br /> The following provisions shall apply to revenue generated in connection with <br /> the operation of the Facility: <br /> (a) All use of the Facility shall be based upon prior payment to MASC of the <br /> Guaranteed Hourly Rate for the rental period. For extended rentals, such <br /> prior payment shall be for such period of time as is determined pursuant to <br /> policies determined by MASC. Any party to this Master Agreement may <br /> retain any amounts by which the hourly rental rate charged by the party for <br /> use of ice time in the Facility exceeds the Guaranteed Hourly Rate. <br /> • (b) MASC shall retain all of the revenues generated by the Facility not <br /> specifically allocated pursuant to this Master Agreement, including bq not <br /> limited to concession, admissions income, and rental of space for all purposes <br /> other than ice time, including restaurant or food service operations. MASC <br /> shall dedicate all revenues attributable to the Facility to activities for the <br /> benefit of the Facility, including the development and sponsorship of the <br /> Facility or special events, payment of operating or debt service short falls, <br /> improvements to or expansion of the Facility, and the early payment of the <br /> Bonds, all as determined by MASC. In the event that MASC advances such <br /> revenues to pay Operating Costs or Bond Expenses (except to the extent <br /> necessary to meet MASC's obligations with respect to Guaranteed Rental <br /> Income), MASC shall be entitled to reimbursement from Guaranteed Rental <br /> Income. <br /> (c) The Bond Documents will include a schedule of the debt service on the <br /> Bonds for each et fiscal year under this Master Agreement. In the <br /> Annual Budget adopted for each Fiscal Year pursuant to paragraph III(c), the <br /> Joint Board will identify the amount of bond debt service, bond expenses, <br /> and deposits to reserves required under the Bond Documents (hereafter <br /> referred to as the "Bond Expenses"), and shall divide the Bond Expenses by <br /> ten thousand four hundred (10,400) and allocate them to the parties to this <br /> Master Agreement based upon Guaranteed Hours. All ice sheet revenues <br /> • <br /> M <br /> asccrAgreement 11!26/96 [ rah <br />