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9.0 FINANCIAL AND ACCOUNTING PROCEDURES. 9.01 Bank Account. CITY will establish and maintain a bank account at the Bank of America (the "Bank Account for the purposes of accepting daily deposits of the Gross Revenues. The funds in the Bank Account, and all interest thereon, are the property of CITY. City shall transfer any amount in excess of $110,000 from the Bank Account on an on -going basis. 9.02 Deposits. Cash on hand for register tills, petty cash, and the change bank shall not exceed $2,500, and shall be deposited in the on -site safe nightly. Daily deposits shall be reconciled to the Point of Sale daily transaction reports on a daily basis. The consolidated Point of Sale daily transaction reports will be made available to the Director as requested. CITY will arrange for armored car pick -up service on a regularly scheduled basis. OPERATOR shall be responsible for having all deposits prepared and ready for the scheduled armored car pick -up at the assigned time. Net revenue overages are deemed revenue at the end of the Operating Year. OPERATOR shall be responsible for any revenue shortfalls from daily operations exceeding $500 at the end of the Operating Year net of any revenue overages. OPERATOR shall be responsible for any returned checks /credit cards, unless OPERATOR shows that it followed proper protocols in accepting the check, e.g. checking for identification. 9.03 Payment of Direct Costs. OPERATOR shall pay all budgeted Direct Costs (or other costs as approved in advance by the Director) from the Bank Account. Payment of all legitimate claims shall be made in a timely manner. OPERATOR shall submit to the Director a monthly report detailing Direct Costs paid in the prior month pursuant to Section 3.08 of this Agreement. 9.04 Financial Reports. The OPERATOR shall cause to be prepared such additional financial reports concerning the Golf Course, as the CITY may reasonably request. 9.05 Cash Registers. All financial transactions shall be run through a point of sale "POS system. POS system registers shall display to the customer the amount of each transaction and shall be equipped with dual tape, which provides a receipt to the customer and a record of each transaction including transaction number and sales detail. Each POS system register shall lock in sales totals and transaction records and use counters that cannot be reset. OPERATOR shall record POS system readings at the beginning of each day. 10.0 BUSINESS RECORDS. 10.01 Types of Records. OPERATOR shall maintain a method of accounting that complies with generally accepted accounting principles for all the revenues and expenses (including without limitation, Gross Revenues, CITY Assessed Fees and Direct Costs) in connection with the operation of the Premises. OPERATOR shall establish and implement adequate internal controls for the operation of the Golf Course. The accounting, books and records for the operation of the Golf Course shall be separate from the accounting, books and records for any 34