Option Term Repair and Refurbishment Fund. To support additional repair and replacement during the Option Term, a DEDICATED fund will be established in the amount of twenty-five thousand dollars ($25,000) that is due and payable by the Operator in order to execute the Option Term. If not submitted, the right for an Option Term will be terminated. The amount must be deposited with the City upon the execution of the Option Term. The same process will be followed for using the fund for qualifying projects. If there is a fund balance at the end of the Option Term, the remaining balance shall be retained by the City for it use, at the sole discretion of the Airport Director.
Option Term Repair and Refurbishment Fund. An additional Repair and Refurbishment Fund requirement of one hundred thousand dollars ($100,000.00) is required by the Respondent in order to execute the Option Term. The amount must be deposited with the County prior to the execution of the Option Term. The same process will be followed for using the fund for qualifying projects. If there is a fund balance at the end of the Option Term, the remaining balance shall be retained by the County for it use, at the sole discretion of the County.
