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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 Yearj 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 />• z~ea2 <br />22 <br />