Laserfiche WebLink
<br />I ---.., ....... ,;,v .;J<.) J../_,*I r..,,~l,. '0,);:1 Q::I:;' .~ ,:,..... <br /> (f!:.j U.l.l: 1J1..) <br />I limited co concession, admissions income, and rental of space for all purpos~s <br />" orhor chan ice time, including resraurant or food service operations. MASC <br /> shall dediearo all revcnuos a",iburable to rho Facility to activiti"" for ,he <br /> benefit of the Facility, including the dcvolopment and sponso"hip of me <br /> Facility or special events, payment of opcroring or debt service shorr falls, <br />I improvements to or expansion of ,he Faciliry, and [he early paymenr of rhe <br /> Bonds, all " determined by M.I\SC. In the event rhat MASC advancos such <br /> revenues ro pay Operating COStS or Bond Exponses (exeepr ro rhe eJ<cenr <br /> necessary ro meer MASCs obligarions with respecr to Guaranteed Rental <br />I Income), MASC shall be enrided co reimbursement from Guaranteed Ron,al <br /> Income. <br />I (d) The Bond Documenrs will include a schedule of rhe debt service on <br /> ,he Bonds for each fiscal yoar under rhis MaSt'" Agreement. In ,he Annual <br /> Budger adopred for each Fiscal Year pursuanr to paragraph III(e), rhe Juinr <br />I Board will identi/}' ti,e amount ol-'bond debr service, bond expenses, and <br /> deposit< to reServes required under ,he Bond Documents (hereafrer referred <br /> co as rhe "Bond Expemcs"). All ice sheet revenues paid or amiburablo to <br /> Guaranteed Renrallncome shall fir" be applied ro Bond Expenses and rhen <br />1 co Operating Expenses. Each parry co rhis Master Agreemenr (orher than <br /> MASC) agrees to levy a dircct genetal ad v.lorem property tax on all property <br /> wimin the Subdivision as needed ro pay rhe Subdivision's share (a fraction <br />I equal to the Guaranteed Hours of rhe Subdivision. divided by 10,400 is <br /> hereinafter referred to "' the "Subdivision's Share") of me budgeted <br /> Operating Expenses to the extem Guatanteed Remal Income actually paid by <br /> or on behalf of the Subdivision is less rhan the Subdivision's Share of such <br />.. Opctating Expenses .nd Bond Exponses. <br /> (e) All Guaranteed Rentallncomc and Off-Peak Rental Income and any <br />I proceeds of business inrerruption insurance (and to ,he extent of any <br /> shorrfalls, any other ,'evenues advanced by l'vfASC pursuant ro paragraph (c) <br /> sh.ll be applied in rhe following order of priority: (1) monthly payment to <br />1 rhe TruHee under rhe Bond Doeumonts of 1/6 of rhe next interest payment <br /> and 1/12 for rho nexr principal payment for debr service on me bonds: (2) <br /> monthly paymenr to the Trustee under ,he Bond Documents for resroration <br /> of rhe debr service reserve fund for the Bonds, if necessary: (3) monthly <br />I payment of $5,000 to rhe Trustee under rhe Bond Documents for deposit ro <br /> the capiral improvcmem reserve held by the Trustee unri! me amount on <br /> deposit.s reaches and is mamtained at $250,000; (4) rhe paymenr of <br />I Operaring COStS of rhe Faciliry; (5) rhe accumularion of an operaring coStS <br /> reserve to be neld by MASC in thc amOum of $500,000 (five hundred <br /> rnousand dolla,,); (6) deposit ro the redemprion fund under the Bond <br />I Documents on March 1 of each year of any amounts not applied in <br /> accordance with subporagraphs (1) thl'Ough (5) .s of me end of previolli <br /> Fiscal Ycar for accumularion in a bond redemprion fu~d. Fwds in the bond <br /> redemption fund may be used to cure deficiencies in subparagraph (2) to rhe <br />I c:xtc:nt: orhcr rt:serve funds are insufficiem:. or be applied TO the cady <br /> redempcion of Bonds, as dirccted by MASC with me concurrence of Anoka <br /> Counry. <br />I <br />fI 9 <br />I <br />