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• <br /> F. SCHEDULING AND PROGRAMMING <br /> Scheduling and programming policies shall be determined by the board of directors except that <br /> scheduling may not be inconsistent with this agreement. Each party has sole discretion in schedul- <br /> ing and programming its priority hours not inconsistent with this agreement. <br /> • <br /> G. FINANCING OPERATIONS <br /> Appropriate books and records representing the operating revenues and expenses and capital assets <br /> and liabilities relating to the facility shall be maintained by MASC. The following reserve <br /> accounts shall be maintained. <br /> 1. Application of Revenues <br /> All Revenues generated by the facility including concessions, rental and admissions shall first <br /> be applied to timely reductions of principal and interest on the debt financing of the facility. <br /> After such payments are current,remaining revenues shall be applied to operating expenses <br /> before application to any other purpose. <br /> 2. Operating Reserve <br /> In the event that revenues exceed costs such that the facility has "profit from operations" such <br /> profit will be assigned to an operating reserve until such reserve has reached an amount deter- <br /> mined by the board. <br /> 3. Capital improvement reserve <br /> After the operating reserve reaches the maximum amount required under paragraph <br /> V.G.2 above, additional "profits" shall be assigned to a capital improvement and repair reserve. <br /> 4. Additional Profits <br /> Should the facility generate "profits" in excess of the amounts necessary to maintain the above <br /> reserves, the board of directors shall divide those profits at the rate of 20% to each party. <br /> H. OPERATING EXPENSES <br /> MASC will be responsible for the operation of the facility and no other party shall be required to <br /> contribute any amounts not required pursuant to paragraphs IV (FINANCING) and V.E. <br /> (Guarantee) of this agreement. As part of the consideration for such undertaking by MASC, MASC <br /> may sell products and services commonly know as "concessions" at the facility and the revenues <br /> and expenses relating to concessions shall accrue to MASC and not to the other parties to this <br /> agreement. <br /> VI. CONSTRUCTION OF FACILITY <br /> MASC will be responsible in all respects for the design and construction of the facility. MASC may <br /> delegate or contract such responsibility as it sees fit. <br /> Prior to the payment of the DOWNPAYMENT portion of the financing MASC will submit a pro- <br /> posed design to the other parties. The design shall provide for four (4) Olympic sized ice surfaces with <br /> permanent seating capacity of not less than 400 seats per rinkand provision for at least 400 temporary <br /> seat which are available for use at any one of the rinks. In addition, the design will provide adequately <br /> for equipment, locker rooms, concessions and toilet areas and all other space and equipment reasonably <br /> necessary for the operation of the facility. • <br /> 4 <br />