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contracts for the development of the SCORE Facility. These contracts shall include, without <br />limitation, contracts for architectural design and engineering, project management services; real <br />estate acquisition, and construction. <br />(c) SCORE Facility Public Development Authority. In order to finance costs of <br />acquiring, constructing, improving and equipping the SCORE Facility, the City of Renton has <br />agreed to form the SCORE Facility Public Development Authority. The purpose of the SCORE <br />Facility Public Development Authority is to issue Bonds to finance and refinance the acquisition, <br />construction, improvement and equipping of the SCORE Facility. The Administrative Board <br />shall serve ex officio as the Board of Directors of the SCORE Facility Public Development <br />Authority as further provided in the Authority's organizational charter. Upon issuance of Bonds <br />by the SCORE Facility Public Development Authority, Bond proceeds shall be deposited on <br />behalf of SCORE and used for the purposes set forth herein. SCORE shall be obligated to make <br />payments to the SCORE Facility Public Development Authority at the time and in the amounts <br />required to pay principal of and interest on the Bonds and any administrative costs of the SCORE <br />Facility Public Development Authority. <br />(d) SCORE Facility Financing. Each Member City shall each pay an allocable <br />portion of all aggregate capital and operating costs related to the SCORE Facility, less revenue <br />received from Subscribing Agencies or other sources, as provided in this Agreement. Each <br />Member City shall be billed for its total allocable capital and operating costs on a semiannual <br />basis, or more frequently as determined by the Administrative Board, calculated as provided for <br />in this Section. <br />(1) Capital Contribution. Each Member City shall be obligated to pay an <br />amount equal to its Capital Contribution without regard to the payment or lack thereof by <br />any other Member City. No Member City shall be obligated to pay the Capital <br />Contribution of any other Member City, and each Member City shall be obligated to <br />budget for and pay its Capital Contribution. The obligation of each Member City to pay <br />its Capital Contribution shall be an irrevocable full faith and credit obligation of such <br />Member City, payable from property taxes levied within the constitutional and statutory <br />authority provided without a vote of the electors of the Member City on all of the taxable <br />property within the Member City and other sources of revenues available therefor. Each <br />Member City has or will set aside and include in its calculation of outstanding nonvoted <br />general obligation indebtedness an amount equal to the principal component of its Capital <br />Contribution for so long as Bonds remain outstanding, unless relieved of such payment in <br />accordance with Section 4(g). <br />A Member City may prepay its Capital Contribution in a manner that is consistent <br />with the authorizing documents for the Bonds; provided, however, that any such <br />prepayment of one or more Member Cities shall not affect the Capital Contribution of the <br />remaining Member Cities. Any Member City that elects to prepay its Capital <br />Contribution shall be responsible for paying all costs associated with such prepayment. <br />(2) Costs of Maintenance and Operation. Subject to the terms of the financial <br />policies established by the Administrative Board pursuant to Section 9(b) of this <br />11 <br />P:120358 DG\20358 0IX <br />