Agenda Packets - 1997/01/27 - Laserfiche WebLink

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01/23/97 17:36 FAX 7855699 NSC 21009/013 (c) MASC shall retain all of the revenues generated by the Facility not specifically allocated pursuant to this Master Agreement,including by not limited to concession, admissions income, and rental of space for all purposes other than ice time, including restaurant or food service operations. MASC shall dedicate all revenues attributable to the Facility to activities for the benefit of the Facility, including the development and sponsorship of the Facility or special events, payment of operating or debt service short falls, improvements to or expansion of the Facility, and the early payment of the Bonds, all as determined by MASC. In the event that MASC advances such revenues to pay Operating Costs or Bond Expenses (except to the extent necessary to meet MASC's obligations with respect to Guaranteed Rental Income), MASC shall be entitled to reimbursement from Guaranteed Rental Income. (d) The Bond Documents will include a schedule of the debt service on the Bonds for each fiscal year under this Master Agreement. In the Annual Budget adopted for each Fiscal Year pursuant to paragraph III(c), the Joint Board will identify the amount of bond debt service, bond expenses, and deposits to reserves required under the Bond Documents (hereafter referred to as the "Bond Expenses"). All ice sheet revenues paid or attributable to Guaranteed Rental Income shall first be applied to Bond Expenses and then to Operating Expenses. Each parry to this Master Agreement (other than MASC) agrees to levy a direct general ad valorem property tax on all property within the Subdivision as needed to pay the Subdivision's share (a fraction equal to the Guaranteed Hours of the Subdivision, divided by 10,400 is hereinafter referred to as the"Subdivision's Share") of the budgeted Operating Expenses to the extent Guaranteed Rental Income actually paid by or on behalf of the Subdivision is less than the Subdivision's Share of such Operating Expenses and Bond Expenses. (e) All Guaranteed Rental Income and Off-Peak Rental Income and any proceeds of business interruption insurance (and to the extent of arty shortfalls, any ocher revenues advanced by MASC pursuant to paragraph (c) shall be applied in the following order of priority: (1) monthly payment to the Trustee under the Bond Documents of 1/6 of the next interest payment and 1/12 for the next principal payment for debt service on the bonds; (2) monthly payment to the Trustee under the Bond Documents for restoration of the debt service reserve fund for the Bonds, if necessary; (3) monthly payment of$5,000 to the Trustee under the Bond Documents for deposit to the capital improvement reserve held by the Trustee until the amount on deposits reaches and is maintained at$250,000; (4) the payment of Operating Costs of the Facility; (5) the accumulation of an operating costs reserve to be held by MASC in the amount of $500,000 (five hundred thousand dollars); (6) deposit to the redemption fund under the Bond Documents on March 1 of each year of any amounts not applied in accordance with subparagraphs (1) through (5) as of the end of previous Fiscal Year for accumulation in a bond redemption fund. Funds in the bond redemption fund may be used to cure deficiencies in subparagraph (2) to the extent other reserve funds are insufficient, or be applied to the early redemption of Bonds, as directed by MASC with the concurrence of Anolca County. 9