School District Consideration for Use of Aquatics Facility. As further consideration for its use of the Aquatics Facility, subject to the successful execution of the Facility Use Agreement but separate and apart from the rights and obligations contained within the Facility Use Agreement, the School District shall pay the City $150,000 annually, which the City will use for the operation and maintenance of the Aquatics Facility. The City shall establish a long- term equipment replacement fund associated with the Aquatics Facility and the School District agrees to also pay the City $45,000 annually as its contribution to this fund. These payments shall be due to the City no later than January 31 of each year starting the first January following the public opening of the Aquatics Facility. The City and the School District intend that these annual payments will continue so long as the School District continues to use the Aquatics Facility. Following completion of the initial term of this Agreement the amounts are subject to adjustment as agreed to by the City and the School District.
