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CCP 01-27-1997
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CCP 01-27-1997
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<br /> - <br /> - <br />a. The HOCKEY ASSOCIATIONS shall provide a I <br /> $300,000 cash contribution to the escrow fund. <br /> At the time of execution of this agreement, e. <br /> the HOCKEY ASSOCIATIONS will make an initial <br /> contribution of $200,000 and another $100,000 <br /> shall be provided by October 1, 1998, the <br /> projected opening date of the national Sports I <br /> Center Ice Complex. <br />b. The HOCKEY ASSOCIATIONS shall contribute a <br /> minimum of an additional $25,000 per year for I <br /> four years beginning in 1999 and ending in <br /> 2002. This contribution shall be made by <br /> November 1st of each year. This $25,000 . <br /> annual contribution shall be financed from <br /> interest earnings on the initial escrow, a $50 <br /> surcharge for each hockey participant from any . <br /> City that is not part of this Supplemental <br /> Agreement, and other sources that the HOCKEY <br /> ASSOCIATIONS deem appropriate. <br />c. The HOCKEY ASSOCIATIONS agree to maintain the I <br /> balance in the escrow fund at the minimum <br /> $300,000 level on November 1st of each year . <br /> during the term of this agreement. If, during <br /> the entire term of this agreement, the escrow <br /> fund falls below $300,000, the HOCKEY <br /> ASSOCIATIONS shall replenish the fund to the e. <br /> minimum $300,000 level. The escrow fund may <br /> be replenished through any interest earnings <br /> from the fund, the $50 surcharge for each I <br /> hockey participant from any City that is not <br /> part of this supplemental agreement, and any <br /> other sources that the HOCKEY ASSOCIATIONS <br /> deem appropriate. . <br />d. If the HOCKEY ASSOCIATIONS fail to maintain a <br /> minimum $300,000 balance in the escrow fund, I <br /> SAMN reserves the right to impose a surcharge <br /> on any rental of ice time to the HOCKEY <br /> ASSOCIATIONS to restore the escrow fund to the I <br /> minimum fund balance. <br />e. The maximum balance in the escrow fund will be <br /> $400,000. Any revenues above the $400,000 I <br /> amount will be returned to the HOCKEY <br /> ASSOCIATIONS for their use. <br /> SAMN agrees to review the status of the Escrow I <br /> Fund with the HOCKEY ASSOCIATIONS after each <br /> five-year period of this agreement. At the <br /> end of this agreement, SAMN will return any I <br /> 4 .. <br /> I <br />
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