2006-09-27 CC Packet - Laserfiche WebLink

Home Browse Search

C. It must contain a provision stating that the Use Contract is being entered into in order to carry out the purpose for which the Grant was allocated, and must recite the purpose. D. It must be for a term, including any renewals that are solely at the option of the Usee, that is, if applicable, substantially less than the useful life of the structures and improvements that make up the Facility, but may allow for renewals beyond the original tenn upon a determination by the Public Entity that the use continues to carry out the specific purpose for which the Grant was allocated. A term that is equal to or shorter than 50% of the useful life of the structures and improvements that make up the Facility will meet the requirement that it be for a time period that is substantially shorter than the useful life of such structures and improvements. E. It must contain a provision that will provide for oversight by the Public Entity. Such oversight may be accomplished by way of a provision that will require the Usee to provide to the Public Entity; (i) an initial program evaluation report, and (ii) a program budget, at least annually, showing forecast program revenues and expenses for the next fiscal year. F. It must allow for termination by the Public Entity in the event of a default thereunder by the Usee, or in the event that the specific purpose for which the Grant was allocated is terminated or changed. G. It must require the Usee to pay all costs of operation and maintenance of the Real Property and, if applicable, the Facility, unless the Public Entity is authorized by law to pay such costs and agrees to pay such costs. H. If any monies are to be paid to the Public Entity under the Use Contract, then it must contain a provision requiring that each and every party thereto shall, upon direction by the Commissioner of Finance, take such actions and furnish such documents to the Commissioner of Finance as the commissioner determines to be necessary to ensure that the interest to be paid on the G.O. Bonds is exempt from federal income taxation. I. It must be approved, in writing, by both the State Entity and the Commissioner of Finance, and any Use Contract that is not approved, in writing, by both the State Entity and the Commissioner of Finance shall be null and void and of no force or effect. J. If the amount of the Grant exceeds $200,000.00, then it must contain a provision requiring the Usee to list any vacant or new positions it may have with job services of the Commissioner of Employment and Economic Development for the State of Minnesota, or the local service units, as required by Minn. Stat. S 268.66 Subd. I that exists as of the date of this Agreement and as such may subsequently be amended, modified or replaced from time to time, for the term of the Use Contract. Section 3.02 Receipt of Monies Under a Use Contract. If the Public Entity receives any monies under a Use Contract, then a portion of such monies in excess of the amount the Public Entity needs and is authorized to use to pay the operating expenses of the Real Property and, if applicable, the Facility, or to pay the principal, interest, redemption premiums, and other expenses on debt related to the Real Property and, if applicable, the Facility, other than the debt City of CentervilIe City Park 9/11/2006 12 3Z