Res 1986-055 - Laserfiche WebLink

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attached hereto and shall not be liable for any additional construction costs with respect to the Sanitary Sewer Interceptor. Article 4. Payment of Project Costs. The parties (other than the City) agree to advance payments for the costs and expenses incurred by the Project Manager pursuant to this Agreement in connection with the construction, inspection, and maintenance of the Sanitary Sewer Interceptor, including but not limited to engineering, surveying, design, legal, accounting and management fees, the costs of constructing the Sanitary Sewer Interceptor, in accordance with the Cost-Sharing Formula set forth on Exhibit C attached hereto. River Ridge will manage the funds and provide accounting services therefor; River Ridge shall have the fiduciary responsibility for the safekeeping and use of all such funds and shall not employ, or permit another to employ, such funds in any manner except for the payment of Project costs as and when incurred pursuant to the construction of the Sanitary Sewer Interceptor in accordance with the plans and specifications prepared by Byrn. Within seven (7) days after the approval by the City of this Agreement, each of the parties hereto shall deposit its prorata share of the estimated total cost of the Project in cash with a financial institution designated by the Project Manager in such a manner as is directed by the Project Manager. The respective amount of each party's cash deposit shall be the amount set forth on the Cost-Sharing Formula attached on Exhibit C opposite each party! s respective name, the sum of which amounts represent the initial estimate of the total costs of the Project. Such cash payments shall be deposited in an interest-bearing account and the interest earned thereon shall inure to the benefit of the contributing parties in accordance with their respective percentages of the total amount contributed by the parties under this Article 4. The parties hereto agree that the Cost-Sharing Formula shall be binding as to each of the parties hereto and, that each party, in agreeing to such Cost-Sharing Formula, has reviewed and is in agreement with the Byrn Engineering Proposal set forth on Exhibit E attached hereto and the Engineer's Estimates of the costs of the Project set forth on Exhibit F attached hereto. Ko party hereto shall be liable for an amount of the construction costs of the Sanitary Sewer Interceptor greater than the amount of the payment made by such party in accordance with this Article 4. All disbursements from the funds deposited by the parties as set forth above shall require the approval of Byrn (or such other engineer employed hereunder) and shall be limited to the amount so approved by Byrn (or other engineer, if applicable) . Article 5. Participation By City. Each month during the design and construction phases, River Ridge shall prepare and de liver to the City an invoice to cover the City's prorata share of Project costs for the immediately preceding month. City shall pay to River Ridge within five (5) working days following receipt of each such invoice the full amount specified in such invoice. Within twenty (20) days of final completion of the Sanitary Sewer Interceptor and acceptance by the City, River Ridge shall certify to the City the total and complete costs of the Project incurred by it in the design, 4 15/1026/3