Agenda Packets - 1996/06/03 - Laserfiche WebLink

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3. Establishing fair and equitable use and programming policies and procedures not covered by and not inconsistent with this agreement and the bond documents. • 4. Determining financial reserves not inconsistent with this agreement and the bond documents pursuant to section V G of this agreement. E. USE 1. Rights and obligations in scheduling ice time. Each party except MASC shall have a priority right to schedule "prime" time as hereinafter defined for one of the four ice surfaces. Such right may be exercised by the party on such terms, conditions and length of notice as determined by the board of directors. MASC shall have a priority right to schedule all four ice surfaces for the months of June, July and August. MASC also_has priority for all four ice ice surfaces for the All-American Girls' & Women's Ice Hockey Tournament (four days in October and/or November each year) to the extent of 240 hours and a Christmas Tournament to be held between Christmas Day and New Years Day each year for up to 352 hours of ice time. In addition, each other party besides MASC shall be entitled to scheduling priority for all four ice surfaces for the purpose of hold- ing a tournament requiring all four surfaces for one weekend during "High Season" (defined as October 15 to March 15 of each Winter season) on such terms and conditions as the board of directors deems appropriate. Each party is obligated to secure rental income for the facility annually in an amount at least equal to the "regular hourly rate" ("regular hourly rate" after the first year shall be established by MASC and included in a projected operating budget which shall be submitted by MASC to the board at least 90 days prior to the end of each calendar year. If the board determines that the expenses are included which are not reasonably necessary to operate the facility the board may object to the proposed budget at least 60 days prior to the end of the calendar year. In the event that the MASC and the Board are unable to agree, the question of the reasonableness of the operating budget shall be submitted to binding arbitration according to the rules of the American Arbitration Association.) times, two thousand and eighty (2,080) hours. For purposes of this agreement, the "regular hourly rate" shall be at least one hundred twenty five ($125.00/hr) dollars per hour for the first year of this agreement. The rental income obligation of each party shall accrue according to Schedule A(incorporated and made a part of this agree- ment). Except for the obligations of MASC, the obligation of each party to make payments in the amount and at the times set forth on Schedule A hereto is a general obligation of such party backed by the full faith, credit and taxing power of such party, as authorized by Minnesota Statutes, Section 475.58, subd. 3, and such amounts are payable without regard to availability or usage of ice time, or adequacy of revenues therefrom. Each party except MASC represents that it has compiled with the requirements of Minnesota Statutes, Section 475.58, subd. 3 prior to execution of this agreement in order to make its obligations under this section V(E) it s valid and binding general obligation. • 3