6B (8) - Laserfiche WebLink

Home Browse Search

the exclusion from gross income for federal tax purposes of interest on the aforementioned bonds. 3) Use: The Garages shall be used exclusively for the parking of licensed motor vehicles and related purposes. The Operator shall: a) Manage and operate the parking services at the Garages; b) Furnish the personnel for the operation of the Garages, including evening attendants; C) Collect parking receipts and make deposits as hereinafter provided; d) Account for parking receipts and operating expenditures as hereinafter provided; and e) Consult with the Commission on parking matters. 4) Budget: Within fifteen (15) days of the execution of this Agreement, and by June Is' of each contract year, Operator shall prepare and submit to the Commission a proposed Budget for the operation and maintenance of the Garages for the next year. The Commission shall advise the Operator of its approval or disapproval of the proposed Budget as soon as reasonably possible. Thereafter, the Operator shall manage the Garages pursuant to the agreed Budget. 5) Deposit of Revenues: The Operator shall deposit on a daily basis all revenues collected from the operation of the Garages into a bank account designated by the Commission, and shall provide, on a weekly basis, to the Commission an account, acceptable to the Commission, of the daily revenues so deposited. 6) Monthly Accounting /Reimbursement of Operation Expenses: a) The Operator shall keep a complete account of all revenues and expenses arising from the operation of the Garages including parking revenues, receipts, operating expenses, copies of daily sales reports, deposit slips and disbursements, and shall furnish the Commission, on or before the 15'h day of each month, with a statement of such revenues and expenses for the preceding month, including receipts for expenses incurred. b) Within fourteen (14) days of the receipt of such monthly statement, the Commission shall reimburse Operator the full amount of all expenses incurred by the Operator in the preceding month for the operation of the Garages, including but not limited to expenses incurred for wages, payroll taxes, fringe benefits, workers' compensation, fidelity bonding, elevator maintenance, snow removal, garage utilities, one telephone business line, data processing, supplies, uniforms, tickets, incidental equipment and improvements, and parking equipment maintenance.