Agenda Packets - 2013/05/06 - Laserfiche WebLink

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by the parry for use of ice time in the Facility exceeds the Guaranteed Hourly Rate. Notwithstanding the provision of this paragraph, it is the intent of the parties that the obligations referred to in paragraph III.E(b) be enforced after the end of each fiscal year and that the prepayments referred to in this paragraph refer only to actual user fees. (b) Admission income from events sponsored by the parties shall accrue to the respective party. (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 party 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 any shortfalls, any other 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 deposit 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 9