The revenue from the sports and recreation facility fee is hereby dedicated to the following:
A. The design, construction, equipping, furnishing, landscaping and other costs associated with the development of a sports and recreation facility located within the village;
B. Payments of principal, interest or prior redemption premiums due in connection with and any other charges pertaining to revenue bonds authorized by the sports and recreation facility financing act, including payments into any sinking fund or reserve fund required by the revenue bond ordinance;
C. Costs of collecting and otherwise administering the sports and recreation facility fee; provided that administration costs shall not be paid if there are current payments due pursuant to subsection B of this section and that no more than ten percent (10%) of the revenue collected in any fiscal year shall be used to pay administration costs;
D. Operation costs of the sports and recreation facility located within the village; provided that no such costs shall be paid if there are current payments due pursuant to subsection B of this section; and
E. Payments into a capital reserve fund established for the future payment for capital maintenance and improvements and equipment replacement costs of the sports and recreation facility located within the village; provided that no payments shall be made pursuant to this subsection if there are current payments due pursuant to subsection B of this section. (Ord. 2008-04, 6-3-2008)