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2005 S Purchasing & Recreation Factory Partners
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2005 S Purchasing & Recreation Factory Partners
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Last modified
6/7/2011 3:55:00 PM
Creation date
2/4/2010 4:26:30 PM
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BOCC
Date
12/5/2005
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
4l
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Agenda - 12-05-2005-5l
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\Board of County Commissioners\BOCC Agendas\2000's\2005\Agenda - 12-05-2005
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APPROVED 12/05/05 <br />Budgets for the upcoming Fiscal Year and, if the parties cannot agree on Approved Budgets for <br />the upcoming Fiscal Year, then the previous Fiscal Year's Approved Budgets shall be the <br />Approved Budgets for such upcoming Fiscal Year until a new budget is agreed upon by the <br />parties. <br />5.4 Budget Modifications Initiated by RFP. <br />RFP may submit to the Contract Administrator at any time prior to the close of a <br />Fiscal Year a supplemental or revised annual operating budget or cash flow budget for such <br />Fiscal Year. Upon the approval of the County of such supplemental or revised budget, the <br />Approved Budgets for such Fiscal Year shall be deemed amended to incorporate such <br />supplemental or revised budget. The Approved Budgets may only be amended as set forth in <br />Section 5.5 below or in the two preceding sentences except that RFP shall have the right to <br />propose amendments to the Approved Budgets for approval by the County as maybe necessary <br />or appropriate as the result of the scheduling by RFP of additional programs and activities at the <br />Facility (and the incurrence of additional Operating Expenses arising from the scheduling of <br />additional programs and activities at the Facility) as long as prior to the scheduling of such <br />activities, RFP had a reasonable good faith belief that the projected Net Operating Loss for the <br />Fiscal Year as set forth in the Approved Budgets would not be increased as a result of such <br />additional programs and activities. <br />5.5 Budget Modifications Initiated by the County. <br />In the event that it appears reasonably likely, in any year during the term hereof, <br />that the actual Net Operating Loss/Profit for such Fiscal Year will be larger or smaller as the case <br />maybe than projected in the annual operating budget for such Fiscal Year, the County may <br />request from RFP a plan for reduction of Operating Expenses to a level consistent with the <br />budgeted Net Operating Loss/Profit amount. RFP shall forthwith comply with any such expense <br />reduction requested by the County, whether such reduction was included in RFP's proposed plan <br />for reduction or not, and the approved budgets for such Fiscal Year shall be modified <br />accordingly, provided that if the County's requested reductions, in RFP's reasonable good faith <br />judgment, could materially interfere, impede or impair the ability of RFP to manage and operate <br />the Facility, RFP shall have the right to terminate this Agreement pursuant to Section 12.2 (with <br />the effect set forth in Section 12.3); and, provided further, RFP shall not be construed to have <br />breached its obligations under this Agreement if such alleged breach has been directly caused by <br />the reductions requested by the County, provided that the County has been first given reasonable <br />prior written notice by RFP that such specific breach or default by RFP was likely to result from <br />such reduction. <br />5.6 Rece~ts and Disbursements. <br />RFP shall establish and maintain, in one or more depositories designated by the <br />County, one or more operating, payroll and other bank accounts for the promotion, operation and <br />management of the Facility, in the name of the County, with RFP having signature authority in <br />such employees of RFP as RFP shall reasonably determine provided such employees are <br />properly bonded as specified herein. All revenues collected by RFP from the operation of or in <br />15 <br />
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