Golf Course Imprest Account Sample Clauses

Golf Course Imprest Account. CITY will establish and maintain a bank account in CITY’s name at a bank of CITY’s choosing for the purpose of paying one-time, unanticipated, incidental expenses incurred during daily operations of the Golf Course, including but not limited to the operation of the Food Service Facilities (“Golf Course Imprest Account”). The Golf Course Imprest Account shall only be used to pay expenses that are included in the approved Direct Cost Budget and the CITY shall have the right, in its sole discretion, to approve the person or persons who shall have the authority to sign checks for OPERATOR from the Golf Course Imprest Account. All checks written by OPERATOR will require the signature of any one of the following persons: (1) OPERATOR’s Chief Executive Officer; (2) OPERATOR’s Executive Vice President; (3) OPERATOR’s President; (4) OPERATOR’s Controller; or (5) OPERATOR’s General Manager. The above persons will each be covered by a fidelity bond, with OPERATOR and CITY named dual obligees, as approved by CITY. The funds in the Golf Course Imprest Account and all interest thereon, are the property of CITY. The Golf Course Imprest Account will have a maximum balance of $3,000.00, and will be replenished by OPERATOR at certain intervals or when circumstances require because money has been spent and the account balance has dropped below an acceptable level.
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