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to all individuals, organizations and others, in <br /> accordance with schedules such that the Gross Revenues <br /> derived therefrom in each "Fiscal Year" of the City <br /> (January 1 to December 31) will be sufficient (i) on an <br /> annual basis (first beginning with the 1996 Fiscal <br /> Year) to meet the requirements of the Debt Service <br /> Account, the Reserve Account, and the Operating <br /> Account; and (ii) so that in each year (first beginning <br /> with the 1998 Fiscal Year) the total of the Gross <br /> Revenues which remain on hand after deducting therefrom <br /> the debt service on all Secured Bonds and the operation <br /> and maintenance expenses for that year will not be less <br /> than 25% of such debt service requirements. The City <br /> will revise such rates, charges and rentals whenever <br /> necessary for these purposes. <br /> If the audited financial statement for any Fiscal <br /> Year indicates the City has not complied with the <br /> foregoing rate covenants (collectively, the "Rate <br /> Covenant") , then the Council shall promptly cause to be <br /> undertaken on its own behalf a review of the reasons <br /> for the failure to comply with the Rate Covenant and <br /> make such revisions to its rates, rentals and other <br /> charges or methods of operation as deemed necessary to <br /> comply with the Rate Covenant, and within 60 days after <br /> receipt of the audited financial statements the City <br /> Clerk-Administrator shall file with the Council <br /> recommendations for curing the Rate Covenant <br /> deficiencies, which report shall state that the revised <br /> schedule of rates, rentals and other charges, or <br /> changes in methods of operation is promulgated or <br /> projected to comply with the Rate Covenant. <br /> Furthermore, if the audited financial statements <br /> for any two successive Fiscal Years indicate that the <br /> City does not comply with the Rate Covenant, then the <br /> City shall, within 30 days following receipt of the <br /> audited financial statements for such Fiscal Years, <br /> employ an independent golf course consultant to review <br /> and analyze the financial status and the administration <br /> and operation of the Golf Course and to submit to the <br /> City within 60 days thereafter a written report <br /> including the action which the independent Golf Course <br /> consultant recommends should be taken by the City with <br /> respect to the revision of its rates, fees and charges <br /> and the alteration of its methods of operation or the <br /> taking of other action that is projected to result in <br /> producing the amount so required in the following <br /> twelve month period. <br /> 244882 <br /> 22 <br />