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relationship, either express or implied, between Manager (or any person employed by <br />Manager) and Owner. <br />2.4 Objectives of the Parties. Owner and Manager acknowledge and agree that <br />their joint and principal objectives are to protect and maintain the facilities of the Golf <br />Course; to properly supervise and manage the daily operations of the Golf Course; to <br />provide full and accurate accounting for the financial affairs of the Golf Course; to <br />maximize revenue and profit from the operations of the Golf Course to provide for all <br />operating costs (exclusive of debt service) of the Golf Course to be funded from Golf <br />Course revenues; and to determine the best long-range business strategy for the Golf <br />Course as an asset of the City of South Bend. <br />2.5 Tax-Exempt Status of Bonds. Owner and Manager acknowledge that tax- <br />exempt (from gross income for federal tax purpose) bonds have been, or may be, issued <br />and outstanding with respect to the development and/or operation of the Golf Course. So <br />as not to jeopardize the tax-exempt status of said bonds, Manager shall not, unless <br />specifically authorized in writing in advance by Owner, take any of the following actions: <br />a. Entering into any contract for the use of the Golf Course, or a portion thereof, <br />for a period in excess of one year. <br />b. Entering into any contracts for the operation of the Golf Course, or a portion <br />thereof, for a period in excess of one year. <br />c. Entering into any contracts with a private company to provide staffing for the <br />Golf Course. <br />d. Sub-contracting with a management company to provide management services <br />for the Golf Course. <br />fiF("TTC1N ~ <br />GOLF COURSE OPERATIONS AND SERVIC <br />3.1 Management Services. Manager shall provide all Management Services <br />required for the proper and efficient operation of the Golf Course and shall retain, employ, <br />compensate, train and manage sufficient numbers of personnel to provide such <br />Management Services in a high quality and professional manner during the term of this <br />Agreement, including those personnel described at Article VI, herein. Management <br />Services shall be performed in accordance with the terms and conditions of this <br />Management Agreement and the Operations Policies. Owner shall be responsible for all <br />operating expenses of the Golf Course, in accordance with the Annual Plan, Annual <br />Budget, and the provisions of this Agreement. <br />-5- <br />