The FireKeepers Casino shall be operated in accordance with:
A. Such policies, procedures and practices as the Authority Board shall
establish consistent with its agreements with third parties concerning
the financing, design, development, construction and operation of
the FireKeepers Casino; and
B. The rules and regulations of the Tribal Gaming Commission or other
such tribal authority established under the Tribal Gaming Ordinance
to license, regulate and oversee gaming operations.
The Authority shall be entitled to receive, hold and administer
all gross revenue produced by the FireKeepers Casino, including without
limitation any and all gaming and related hospitality, entertainment
and lodging business(es), constituting part thereof and from any Authority
property ("Authority gross revenue"), subject to the terms of any
other agreement into which the Authority shall enter or which the
Authority shall assume. The Tribe shall have no right, title or interest
in Authority gross revenue unless and until actually distributed to
the Tribe as distributable net income.
Out of Authority gross revenue shall be deducted or paid: (1) all operating expenses of the FireKeepers Casino; (2) all financing obligations incurred by the Authority to fund the design, development, construction and operation of the FireKeepers Casino as and when due; and (3) any other currently due obligation imposed by any agreement to which the Authority is a party, including any payment into a reserve, sinking fund or other account. The Authority gross revenue remaining after payments and applications described in §
11.1-21 shall be referred to herein as the "Authority net revenue."
The Authority net revenue, less any amounts required to be retained
or used in another manner by any covenant, restriction or limitation
imposed by any agreement to which the Authority is a party, shall
be available for distribution to the Tribe and shall be known as "distributable
net income."
Except as the Tribe may otherwise instruct the Authority, including
any instruction to pay or apply any amounts of distributable net income:
A. To prepayment of financing obligations;
B. As a contribution to any reserve other than one described in §
11.1-21 or
11.1-22; or
C. As an investment or reinvestment in one or more business(es), which
does or will constitute part of the FireKeepers Casino, the Authority
shall distribute to the Tribe all distributable net income not less
often than monthly.
Once distributable net income is distributed to the Tribe in
accordance with this charter, and in compliance with all applicable
agreements to which the Authority is a party, the Authority shall
cease to have any right, title or interest in said distributable net
income and its use or application.