Laserfiche WebLink
redetermination or recalculation occurs more than eighteen (18) months after the date of a <br />payment. <br />4.12. Audit Rights. The Rail District shall have the right to audit payments and <br />calculations of payments of Tax Increment Funds. <br />ARTICLE 5 <br />RIGHTS AND OBLIGATIONS OF THE RAIL DISTRICT <br />5.01. Project. The Rail District shall perform the design, construction, operation or <br />maintenance of the Project as set out in the Project Plan. <br />5.02 Reports Regarding Tax Increment. The Rail District shall develop an accounting <br />and reporting system to provide to the Parties on a semi -annual basis a report of the amount of <br />Tax Increments received, the use of the Tax Increments and the status of the Project within the <br />Territory. The Rail District shall use Tax Increment Funds as provided in this Agreement and on <br />a last funds deposited, first funds used basis unless approval by the Party depositing the funds. <br />5.03 Management of the Zone. The Rail District is the only Party having responsibility <br />for the Project and the management and administration of the Zone and management and <br />operation of transportation infrastructure. Reasonable Administrative Costs for management and <br />administration of the Zone may be deducted from funds deposited in the Tax Increment Fund. <br />5.04. Option of the Parties Regarding Tax Increment Funds. Any Party other than the <br />Rail District, shall have an option, to be exercised by giving written notice to all other Parties, to <br />receive and maintain custody of Tax Increment Funds from Tax Increments of the City and serve <br />as fiscal agent for such funds prior to depositing the funds in the Tax Increment Fund. If the <br />Party exercises this option, the Party shall provide a regular accounting by May 1 of each year to <br />the Rail District regarding the funds for each year the Party serves as fiscal agent. The Party <br />shall pay Administrative Costs authorized under Section 5.03 of this Agreement to the Rail <br />1Y <br />