|
<br />repairs to the pier, or for restoration of the pier in event of damage or destruction
<br />to the pier, either from natural or other causes, which repairs and restoration the
<br />City shall perform. City will continue to deposit, into the escrow account, two
<br />thirds (2/3) of all gross receipts from patrons using the pier, until the escrow
<br />account reaches a balance in an amount that produces buying power equivalent to
<br />$60,000.00 in the year 1993, said balance being hereinafter called 'the $60,000.00
<br />equivalent'. During the term of this agreement, the $60,000.00 equivalent, as
<br />used herein, shall mean an amount that would produce buying power equivalent to
<br />$60,000.00 based on the change, if any, in the Houston, Texas, Average
<br />Consumer Price Index - All Urban Customers ("CPI-U"). The calculation of the
<br />increase, if any, is set forth in subparagraph (f) below. In the event the balance in
<br />the escrow account falls below the $60,000.00 equivalent, the City shall promptly
<br />commence depositing two-thirds (2/3) of all gross receipts into said escrow
<br />account so as to increase the balance to the $60,000.00 equivalent. After the
<br />escrow account reaches a balance of the $60,000.00 equivalent, the City shall pay
<br />to County one-third (1/3) of the gross receipts, as hereinafter defined. On or
<br />before the tenth (loth) day of January, April, July, and October, during the term of
<br />this Agreement, the City shall compute and pay to the County, without demand, at
<br />the Office of the County Treasurer, the County's one-third (1/3) portion of the
<br />4ross receipts which are not required to be deposited by City into the escrow
<br />account, covering the immediately preceding three month period. City shall
<br />accompany each payment with a sworn statement, certifying as true and correct,
<br />the amount of gross receipts collected pursuant to this Agreement for the
<br />immediately preceding three month period.
<br />
<br />(a) (2) For the period commencing September 1, 1998 and ending
<br />March 31, 2026, City will establish an escrow account, into which City shall
<br />deposit two thirds (2/3) of all gross receipts from patrons using the pier. The
<br />purposes of this escrow account is to establish a self-insured fund for the future
<br />repairs to the pier, or for restoration of the pier in event of damage or destruction
<br />to the pier, either from natural or other causes, which repairs and restoration the
<br />City shall perform. City will continue to deposit, into the escrow account, two
<br />thirds (2/3) of all gross receipts from patrons using the pier, until the escrow
<br />account reaches a balance in an amount that produces buying power equivalent to
<br />$150,000.00 in the year 1998, said balance being hereinafter called 'the
<br />$150,000.00 equivalent'. During the term of this agreement, the $150,000.00
<br />equivalent, as used herein, shall mean an amount that would produce buying
<br />power equivalent to $150,000.00 bases on the change, if any, in the Houston,
<br />Texas, Average Consumer Price Index - All Urban Customers ("CPI-U"). The
<br />calculation of the increase, if any, is set forth in subparagraph (f) below. In the
<br />event the balance in the escrow account falls below the $150,000.00 equivalent,
<br />the City shall promptly commence depositing two-thirds (2/3) of all gross receipts
<br />into said escrow account so as to increase the balance to the $150,000.00
<br />equivalent. After the escrow account reaches a balance of the $150,000.00
<br />equivalent, the City shall pay to County one-third (1/3) of the gross receipts, as
<br />hereinafter defined. On or before the tenth (1oth) day or January, April, July, and
<br />October, during the term of this Agreement, the City shall compute and pay to the
<br />County, without demand, at the Office of the County Treasurer, the County's one-
<br />third (1/3) portion of the gross receipts which are not required to be deposited by
<br />City into the escrow account, covering the immediately preceding three month
<br />period. City shall accompany each payment with a sworn statement, certifying as
<br />true and correct, the amount of gross receipts collected pursuant to this Agreement
<br />for the immediately preceding three month period."
<br />
<br />2
<br />
|