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No. 0847 establishing certain funds/accounts in connection with the lease dated as of 6-1-1988 between the SBRC and the SBRA relating to the St. Joseph/Wayne parking facility and other related matters
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No. 0847 establishing certain funds/accounts in connection with the lease dated as of 6-1-1988 between the SBRC and the SBRA relating to the St. Joseph/Wayne parking facility and other related matters
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10/18/2012 3:22:16 PM
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Section 1. The revenues of the Facility, together with <br />the revenues of all extensions and improvements thereto and <br />replacements thereof made subsequent to this Resolution, shall be <br />set aside for the use of the Commission, and shall be used and <br />applied by said Commission as provided in this Resolution. All <br />of such revenues shall be segregated and kept in special accounts <br />separate and apart from all other funds of the Commission and <br />shall be used and applied in the operation, repair and <br />maintenance of the Facility, and in payment of lease rentals <br />which by their terms are payable from the revenues of the <br />Facility. There are hereby created and established a Parking <br />Facility Maintenance Account ( "Maintenance Account ") and a <br />Parking Facility Net Revenue Account ( "Net Revenue Account ") <br />(each of which accounts the Commission hereby covenants and <br />agrees to cause to be kept and maintained so long as needed for <br />the purposes set forth herein). All revenues of the Facility <br />shall be set aside in the following accounts in the following <br />order of priority and to the extent indicated below: <br />(1) Maintenance Account; and <br />(2) Net Revenue Account. <br />(a) Maintenance Account. Revenues of the Facility <br />shall first be set apart and paid into the Maintenance Account, <br />and shall be used to pay the reasonable expense of operation, <br />repair and maintenance of the Facility; provided that no deposit <br />shall be made into such account when the balance therein equals <br />the estimated expense of operating, repairing and maintaining the <br />Facility during the next following 6 calendar months. <br />-2- <br />
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