CCP 01-27-1997 - Laserfiche WebLink

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vJ...:....~.; _~_!.....__..:_"!--.~.L_,_ c."'!.....\.. t \},),)Oi1::;j .~ .)..... ~uJ..u' Vl.-i - ---. - I (c) MASC shall main al1 of rhe revenues genemed by the Facilio/ not .e specifically allocared pursuam to rhis Masrer Agreement, including by nor limired to concession, admissions income, and rental of sp""" for ill purposes other than ice time, including tesraurant or food service oper:ltions. MASC shall dedic3.te all rcvenues attributable ro the Facilio/ to activitics fat the I benefir of rhe Facilio/, including the developmenr :1lld sponsorship of the Facility or speci..l events, payment of operating or debr service shorr falls, improvements to Or expansion of the Facilio/, and rhe early payment of the Bonds, all as determined by MASC. In rhe event rhat MASC advances such I revenues to pay Operating Cases or Bond E"penses (""cep' ro rhe e"rent necessary to meet MASC's obligations wirh respect to Guaranreed Rental Income), MASC shall be entided ro reimbursemem from Guaranteed Rental I Income. (d) The Bond Documents will include a schedule of the debr service on rhe Bonds for each fiscal Y"ar under this Masrer Agreement. In the Annual I Budger adopted for each Fiscal Y= pursuan, ro paragraph I1I(c), the Join' Board will idenrify the amount of bond debr service, bond expenses, and deposi" ro reserves required under the Bond Documenrs (hereofrer referred I to as rhe "Bond Expenses"). All ice sheer revenues paid or attributable ro Guaranteed Rental Income shall first be applied eo Bond Expenses and then '0 Opera,ing Expenses. Each paro/ ro ,his Ma.>rer Agreemem (mher than I MASC) agrees to levy a dire" general ad valorem property rax on all property wirhin the Subdivision a.> needed ro pay the Subdivision's share (.. fraction equal ro the Guaranteed Hours of the Subdivision, divided by 10.400 is hereinaii:er referred ro as the" Subdivision's ShOIe") of the budgered Ie Operating Expenses '0 the extent Guaranreed Rental Income acrually paid by or on behalf of the Subdivision is less than rhe Subdivision's Share of such Operaring Expenses and Bond Expenses. I (e) All Guaranteed Rental Income and Off-Peak Rental Income and any proceeds of business interruption insurance (:1lld to the e"ten, of any shortfalls, any other revenues advanced by MASC pursuant to paragraph (c) I shall be applied in [he following order of priority: (1) monrhly payment ro rhe Trusccc \Ulder rhe Bond Documents of 1/6 of the n.:xc interest paymenr and 1/12 fat the next principal paymene for debt service on the bonds; (2) I monthly paymen' co the Trustee under the Bond Documents for resroracion of the debt service reserve fund for the Bondi, if necessary; (3) monrhly payment of$5,000 to the Truscce \Ulder the Bond Documents for deposit to I the "'pita! improvemenr reserve held by che Trus,ee uncil the amount on deposic 1s reaches and is maintained aC $250,000; (4) the payment of Opecating Com of ,he Facilio/; (5) rhe accumulation of an operating com reserve co be held by MASC in the amount of $500,000 (five hundred I thousand dollars); (6) deposic co the redemption fund under the Bond Documents on March 1 of each year of any amounts noc applied in accordance with subparagraphs (1) through (S) as of the end of previous I Fiscal Yeu fat accumulation in a bond redemption fund. Funds in the bond redemption fund may be used to cure deficiencies in subparagraph (2) to the extenr other reserve funds are insufficienr, or be applied co the early I redemption of Bonds, as directed by MASC with the concurrence of Anoka County. ~ 9 I ---..-------- ----