05-0124R


RESOLUTION AUTHORIZING A TEMPORARY INCREASE OF $150,000 IN THE CASH MANAGEMENT FUND AUTHORIZED IN THE GREAT LAKES AQUARIUM AMENDED AND RESTATED OPERATING AND REVENUE PARTICIPATION AGREEMENT.

BY COUNCILOR STEWART:

     RESOLVED, that notwithstanding the provisions of subparagraph D of paragraph 6 of the amended and restated operating and revenue participation agreement bearing City Contract No. 18364, as amended on March 15, 2004, the proper city officers are hereby authorized to increase the amount of funds made available by the city to the cash management fund as provided for in that subparagraph by an additional $150,000, to a total amount of not to exceed amount of $400,000, for fiscal year 2005 only, said sum to be made available from General Fund 100.


STATEMENT OF PURPOSE:  This resolution authorizes increasing the maximum amount in the cash management fund established in the amended and restated operating and revenue agreement between Lake Superior Center and the city of Duluth to $400,000. All other conditions contained in Section 6.D. of the agreement remain the same. This increased amount is only authorized for 2005.

 

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