Meeting papers

Document Set ID: 22408732
                                       Page 15 of 28
Version: 2, Version Date: 08/05/2023

HW L
                                                                                            EBSWORTH

                                                       that party put forward the provision or would otherwise
                                                       benefit from it.

               13      This Deed is effective on the Effective Date.

               2.      Funding

               2.1     Council will provide the Funding to TN in the amount and in instalments as specified in
                       Schedule 1 of this Deed.

               22      In consideration of the provision of the Funding, TN will perform the obligations
                       specified in this Deed.
               2.3     TN must use the Funding for the Agreed Priorities and must not use the Funding for any
                       other purpose, unless otherwise approved in writing by Council.
               2.4     Subject to the terms of this Deed:
                                               (a)     the Funding is for the Initial Term; and
                                               (b)     the Funding must be spent by TN within the Initial Term
                                                       or such other period as approved in writing by Council. .
               20      Any portion of the Funding uncommitted by TN in accordance with clause 2.4(b) must
                       be repaid to Council within 60 days of the expiry of the Initial Term.
               2.6     The Funding as specified in Schedule 1 of this Deed is the total amount of funding
                       which will be provided by Council to TN per annum during the Initial Term. Council will
                       not provide any additional amounts to TN for the Initial Term, subject to the following
                       exceptions:
                                               (a)     additional funding may be provided by Council if
                                                       Council, in its sole and absolute discretion, is satisfied
                                                       that there is an efficiency dividend as an initial Council
                                                       initiative whereby identified overhead cost transfers are
                                                       removed and that through internal efficiencies TN has
                                                       justified additional funding; or
                                               (b)     additional funding may be provided by Council if
                                                       Council, in its sole and absolute discretion, is satisfied
                                                       that there is a specific project or event for which TN
                                                       requires additional funding and which is consistent with
                                                       the Agreed Priorities and is satisfied that TN has
                                                       achieved operational savings equivalent to the
                                                       additional funding sought through demonstrated
                                                       efficiencies.

                Tourism Noosa Funding Deed                                                               Page 4
                 Endorsed Ordinary Meeting- 20 April 2023
                 ECM: 22408732

Document Set ID: 22408732
Version: 2, Version Date: 08/05/2023                                                                             Page 15 of 28