Authority Capital Improvements ................................................................. Clause Samples

Authority Capital Improvements .................................................................. A. It is contemplated by the parties that from time to time during the term of this Agreement, AUTHORITY will undertake Capital Improvements to preserve, protect, enhance, expand, or otherwise improve the Airport System. Any such Capital Improvement to be paid for or funded using Airport Revenues shall be subject to the provisions of this Article 6. B. In conjunction with submission of its Annual Budget as described in Section 8.03 hereof, AUTHORITY shall submit to AIRLINE, at least 60 days prior to the first day of each Fiscal Year, a written report regarding proposed Capital Improvements to the Terminal Building Area, Apron and Taxiway Area, and Airfield Area to be undertaken during the Fiscal Year. This report shall include the following: 1. A description of the proposed Capital Improvements, together with cost estimates and any available preliminary drawings. 2. Documentation of the need for and the benefits to be derived from such expenditure. 3. The proposed method of funding (rate base, bonds, AUTHORITY funds, grants-in-aid, etc.) 4. The allocation of cost, debt service or amortization charges to Airport Cost Centers. C. Within 30 days from receipt of such report, Signatory Airlines will have the opportunity to meet collectively with AUTHORITY staff to review the Capital Improvement program recommended by AUTHORITY to present any questions, comments, or objections they may have with regard to the Capital Improvement program. AUTHORITY agrees to give due consideration to the questions, comments and objectives in developing its proposed Capital Improvement program.