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1984 - 03-22-84 Adjour. Reg. Meeting
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1984 - 03-22-84 Adjour. Reg. Meeting
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4/24/2009 3:38:46 PM
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Admin-Clerk
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Minutes
Committee
Board of Commissioners
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0 <br />gooK 11 r sE 407 7 <br />ARTICLE VI <br />Rental <br />Section 6. 1. Amount. As rent for the Leased Premises, <br />Corporation shall pay: <br />(1) A fixed amount of two cents ($0. 02) per gallon on <br />all general aviation and jet fuel sold by the corporation; and <br />(2) An amount equal to twenty five (257x) percent of <br />all rental fees to hangar and permanent ramp parking areas. <br />This does not include overnight tie-down fees for transient <br />aircraft. <br />Section 6. Z. Due Date. Rents shall be due and payable to the <br />Municipalities the tenth (10th) of each month for the preceding month with the <br />final adjusted payment due 45 days after the twelve month period. <br />Section 6. 3. Audit Report. Annually, on the anniversary date <br />hereof, or at such additional time as specifically requested in writing by either <br />the Municipalities or the Commission, Corporation shall deliver to both the <br />Municipalities and the Commission a written accounting for its income derived <br />hereunder for the period covered, based upon actual audit, and accompanied by <br />the opinion of a certified public accountant that same is correct and was prepared <br />in accordance with generally accepted accounted principals, applied in a manner <br />consistent with prior accounting periods. <br />Section 6.4. Security for Payment of Rent. To secure the payment <br />of said rents and any other sums due from Corporation hereunder, Corporation <br />hereby gives and grants to Municipalities a security interest, with power of sale <br />in case of default, in all of Corporation's accounts receivable, inventory of goods, <br />
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