Common use of Receipt of Monies Under a Use Contract Clause in Contracts

Receipt of Monies Under a Use Contract. The Public Entity does not anticipate the receipt of any funds under a Use Contract, provided, however, if the Public Entity does receive any monies under a Use Contract, then a portion of such monies in excess of the amount the Public Entity needs and is authorized to use to pay the operating expenses of any Real Property and, if applicable, any Facility that is the subject of the Use Contract, or to pay the principal, interest, redemption premiums, and other expenses on debt related to such Real Property and, if applicable, Facility, other than the debt on the G.O. Bonds and debt for which the Public Entity has no financial liability, must be paid by the Public Entity to the Commissioner of MMB. The portion of such excess monies that the Public Entity shall pay to the Commissioner of MMB shall be determined by the Commissioner of MMB and absent circumstances which would indicate otherwise such portion shall be determined by multiplying such excess amount by a fraction the numerator of which is the amount of G.O. Bonds and the denominator of which is the total principal amount of all public debt financing incurred with respect to any Real Property and, if applicable, Facility other than public debt issued by a public entity for which it has no financial liability.