Capital Improvement Fund. The College District shall maintain as its primary objective, the safety of principal with regard to all monies collected. The College District shall seek to maxim- ize the return of such funds while ensuring sufficient funds for timely payments of its obligations.
Capital Improvement Fund. 5.6.1. Tenant shall establish and maintain a reserve fund (the "Capital Improvement Fund") during the Term of this Lease (as “Term” is defined in Section 2.2) in accordance with the provisions of this Section 5.6 designated to pay for Permitted Capital Expenditures (as defined below) for the Improvements during the Term of this Lease.
Capital Improvement Fund. 5.5.1. Commencing with the month during which the fifth (5th) anniversary of the Rent Commencement Date occurs, and continuing until five (5) years prior to the expiration of the Term of the Lease, Tenant shall establish and maintain a reserve fund (the “Capital Improvement Fund”) in accordance with the provisions of this Section 5.5 designated to pay for Permitted Capital Expenditures (as defined below) for the Improvements. Tenant and County agree and acknowledge that the purpose of the Capital Improvement Fund shall be to provide sufficient funds to pay for the costs of major replacements, renovations or significant upgrades of or to the Improvements, including without limitation building facade or structure and major building systems (such as HVAC, mechanical, electrical, plumbing, vertical transportation, security, communications, structural or roof) that significantly affect the capacity, efficiency, useful life or economy of operation of the Improvements or their major systems, after the completion of the Improvements (“Permitted Capital Expenditure(s)”). The Capital Improvement Fund shall not be used to fund any portion of the cost of the Improvements. In addition, Permitted Capital Expenditures shall not include the cost of periodic, recurring or ordinary maintenance expenditures or maintenance, repairs or replacements that keep the Improvements in an ordinarily efficient operating condition, but that do not significantly add to their value or appreciably prolong their useful life. Permitted Capital Expenditures must constitute capital replacements, improvements or equipment under generally accepted accounting principles consistently applied or constitute qualifying aesthetic improvements. Permitted Capital Expenditures shall not include costs for any necessary repairs to remedy any broken or damaged Improvements, all of which costs shall be separately funded by Tenant. All specific purposes and costs for which Tenant desires to utilize amounts from the Capital Improvement Fund shall be at Tenant’s reasonable discretion and subject to Chief Real Estate Officer's approval as provided for in Section 5.6.4, below. Tenant shall furnish to the Chief Real Estate Officer applicable invoices, evidence of payment and other back-up materials concerning the use of amounts from the Capital Improvement Fund.
5.5.2. The Capital Improvement Fund shall be held in an account established with an Institutional Lender acceptable to the County, into which deposits sha...
Capital Improvement Fund. During every twelve (12) month period commencing January 1, 2015, Tenant shall complete at least $48,400 of capital improvements at the Premises; provided however, commencing January 1, 2016 and annually thereafter, said amount shall be increased by the increase in CPI, but in no event less than 3%, compounded annually (the “Capital Improvement Amount”). On or before January 1, 2016 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation (including, but not limited to, contracts, invoices, lien releases and cancelled checks) reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing January 1; (ii) if such amount is less than the then required Capital Improvement Amount, cash equal to the difference between the then required Capital Improvement Amount and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 13.4. Such funds shall be held by Landlord in a “Capital Improvement Fund”, which shall not bear interest for the benefit of Tenant. If Tenant completes more than the then required Capital Improvement Amount of capital improvements at the Premises during a 12-month period commencing January 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord=s reasonable approval, to either: (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of the then required Capital Improvement Amount incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a “Capital Improvement Credit”, which may be carried forward and applied against the required Capital Improvement Amount to be completed in a subsequent 12-month period.
Capital Improvement Fund. 5.6.1. As of the conversion of the construction financing for the Project to term phase financing, Tenant shall establish and maintain, for the remainder of the Term (as “Term” is defined in Section 2.2),a reserve fund (the "Capital Improvement Fund") in accordance with the provisions of this Section 5.6 designated to pay for Permitted Capital Expenditures (as defined below) for the Improvements during the Term of this Lease.
Capital Improvement Fund. (a) There shall be credited to the Capital Improvement Fund (i) beginning on the first Business Day of the month and after making the deposits required by Section 5.02(b)(i) through (viii) an amount of Authority Revenues equal to that which may be necessary to make the balance on deposit therein equal to the Capital Improvement Fund Requirement for the Fiscal Year as set forth in the applicable Annual Budget in equal monthly deposits over such Fiscal Year, (ii) the proceeds of any condemnation awards, (iii) proceeds of insurance (other than use and occupancy insurance), (iv) the proceeds of sales of property constituting a part of the Systems and (v) the proceeds of any termination or similar payment received by the Authority under any interest rate swap or similar hedge agreement. Earnings on moneys held in the Capital Improvement Fund shall be retained therein.
(b) Amounts on deposit in the Capital Improvement Fund shall be available
(i) to pay or reimburse the Authority for Costs of Improvements, such Costs of Improvements to be paid in accordance with the procedures established in Section 4.02(a) and (ii) subject to the provisions of Sections 5.03(f), 5.05(f) and 5.07(f), to the extent that moneys on deposit in the Senior Bond Fund, the Senior Subordinate Bond Fund or the Subordinate Bond Fund are insufficient to make the required interest and principal payments on Bonds prior to any withdrawal from the Senior Debt Service Reserve Fund, the Senior Subordinate Debt Service Reserve Fund or the Subordinate Debt Service Reserve Fund, to satisfy any such deficiencies.
Capital Improvement Fund. The Capital Improvement Fund is a dedicated reserve account for new improvements or upgrades to the System.
Capital Improvement Fund. The Commission shall establish an improvement fund or 17 funding mechanism for each capital improvement project. The Commission may fund all or part of the cost 18 of a capital improvement contained in the capital improvement program of the plan in accordance with 19 Minn. Stat. § 103B.251, The Commission and Hennepin County may establish a maintenance fund to be 20 used for normal and routine maintenance of an improvement constructed in whole or in part with money 21 provided by Hennepin County pursuant to Minn, Stat, § 103B.251. The levy and collection of an ad 22 valorem tax levy for an improvement, payment of bonds, or maintenance shall be by Hennepin County 23 based upon a tax levy resolution adopted by a majority vote of all eligible Members of the Board and 24 remitted to the County on or before the date prescribed by law each year. If it is determined to levy for 25 maintenance, the Commission shall be required to follow the hearing process established by Minn. Stat.
1 Ch. 103D. Mailed notice shall also be sent to the clerk of each Member governmental unit at least 30 2 days before the hearing.
Capital Improvement Fund. [for leases for other than hotel use]
Capital Improvement Fund. Concessionaire shall establish and maintain a reserve fund (the “Capital Improvement Fund”) in accordance with the provisions of this Section 5.13. for the cost of Permitted Capital Expenditures (as defined below) for the Premises. All interest and earnings on deposits of the Capital Improvement Fund shall be added to such fund, but shall not be treated as a credit against the Capital Improvement Fund deposits required to be made by Concessionaire pursuant to this Section 5.13. Commencing as of the fifteenth (15th) day of the month which is the third (3rd) month after the CO Date, and on the fifteenth (15th) day of each month thereafter until the completion of the first Reserve Study, Concessionaire shall make a monthly deposit to the Capital Improvement Fund in the amount of 3% of Gross Receipts derived from the Premises for the immediately preceding month. Concessionaire and County agree and acknowledge that the purpose of the Capital Improvement Fund shall be to provide funds for the costs of additions, replacements, renovations or significant upgrades of or to the Improvements on the Premises, including building exteriors and major building systems (such as HVAC, mechanical, electrical, plumbing, vertical transportation, security, communications, structural or roof) that significantly increase the capacity, efficiency, useful life or economy of operation of the Improvements or their major systems, after the completion of the Redevelopment Work (“Permitted Capital Expenditures”). Notwithstanding any contrary provision of this Contract, the Capital Improvement Fund shall not be used to fund any portion of the cost of the Redevelopment Work. In addition, the Capital Improvement Fund shall not be used for building additions, new project amenities (e.g., barbeques or fitness equipment) or new common area furniture. Permitted Capital Expenditures shall not include the cost of periodic, recurring or ordinary expenditures, repairs or replacements that keep the Improvements or their major systems in a good, operating condition, but that do not significantly add to their value or appreciably prolong their useful life. Permitted Capital Expenditures must constitute capital replacements, improvements or equipment under generally accepted accounting principles consistently applied. Furthermore, Permitted Capital Expenditures shall not include costs for any necessary repairs to remedy any broken or damaged Improvements, all of which costs shall be separately funded ...
