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2 <br />Ccl <br />4 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />1st Priority - funding of day-to-day repair, maintenance and operating costs <br />which are not provided by the parking lot operators and which <br />are necessary -to insure the continued operation of the Phase 1 <br />Facilities. Insurance premiums, payments towards insurance <br />deductibles or any other payments towards insurance claims <br />shall be considered to be day-to-day operating costs. (Should <br />the amount required to fund said day -today repair, maintenance <br />and operating costs exceed the available Parking Revenues, CITY <br />and COUNTY shall contribute equal amounts to make up such <br />deficit.); <br />2nd Priority - if, after satisfaction of priority one above there are Parking <br />Revenues remaining, payoff of Lease Payments on the <br />certificates of participation as required by OCPFC. (Should <br />the amount of the Lease Payments ever exceed the available <br />Parking Revenues, CITY and COUNTY shall contribute equal <br />amounts to make up such deficit.); <br />3rd Priority if, after satisfaction of priority two above there are Parking <br />Revenues remaining, funding of regularly scheduled maintenance <br />of Civic Center grounds and structures. (Should the amount <br />required to fund regularly scheduled maintenance exceed the <br />available Parking Revenues, CITY shall contribute 44% of the <br />amount necessary to make, up the difference and COUNTY shall <br />contribute the balancel; <br />4th Priority - if, after satisfaction of priority three above there are <br />Parking Revenues remaining, funding of special maintenance <br />projects in Civic Center. (Should the amount required to fund <br />special maintenance projects exceed the remaining Parking <br />Revenues, CITY shall contribute 44% of the amount necessary to <br />make up the difference and COUNTY shall contribute the <br />balance.); <br />5th Priority - if, after satisfaction of priority four above there are Parking <br />Revenues remaining, CITY and COUNTY shall be reimbursed for all <br />funds previously advanced under Priorities 1 and 2 above, with <br />interest at the County Treasurer's comingled pool rate for the <br />applicable time periods. If funds are remaining beyond such <br />reimbursement, then such funds shall be used for funding of new <br />joint (CITY/COUNTY) capital projects. Should there be <br />Insufficient Parking Revenues remaining to completely fund new <br />projects CITY and COUNTY shalt, by separate agreement, <br />determine how such projects shall be funded. If, however, no <br />joint capital projects are planned or should CITY and COUNTY <br />fail to agree on a method($) for funding such capital projects <br />then those Parking Revenues remaining shall be divided equally <br />between CITY and COUNTY and each party may expend its share of <br />such Parking Revenues at its sole discretion. <br />DA•nd:lmccsw <br />3795w-2 <br />7-25-91 <br />-2- <br />