Omaha Beach - Community Centre Maintenance Fund Account

Community Centre Maintenance Fund

Background

The Community Centre Maintenance Fund was established under a Management agreement between the Rodney District Council, Omaha Beach Community Inc. and the Omaha Beach Golf Club Inc.

It commenced on 1 April 2000 for 3 terms of 6 years expiring 31 March 2018. The fund is intended to provide monies to pay for capital additions & major maintenance at the Centre and can only be applied for such purpose & with the approval of the three parties.

1 Omaha Beach Golf Club - Contribution $5000
Under the terms of the Management Agreement the Omaha Beach Golf Club makes a contribution to the Fund of $5000 per annum in quarterly payments on 1 April, 1 July, 1 October & 1 January

2 BNZ Warkworth Term Deposit - $40,000
Interest rate 7.2%: matures February 2007

3 Loan to Omaha Beach Golf Club Inc - $4000
An interest free loan of $10,000 was made to the OBGC on 29 April 2003
It is repayable in five instalments of $2000, commencing in December 2003
The final installment is due December 2007

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