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Section 2.3 <br />The City will bear all costs incident to this Article. <br />ARTICLE 3 <br />PAYMENTS <br />Section 3.1 Rate and Payments <br />3.1.1 The Contractor will bill the City for service rendered to residential units during a month <br />within ten calendar days following the end of the month, and the City will pay the Contractor on <br />or before the 30th day following the date of each bill. Such billing and payment will be based on <br />the price rates and schedules set forth in subsection 3.1.3 of this Contract. <br />3.1.2 The rate charged by the Contractor will be $.55 per month per residential unit, calculated <br />in accordance with section 3.2 of this Contract. <br />3.1.3 In no event will the payment to the Contractor exceed $50,000.00 during the term of this <br />agreement. <br />Section 3.2 Calculation of Payments For Residential Units <br />3.2.1 Payment for each month's service will be determined by multiplying the contract rate in <br />subsection 3.1.2 times 95% times the actual number of occupied residential dwelling units within <br />the contract area during the immediately preceding month as shown by the City's utility billing <br />records. <br />3.2.2 New accounts added after the first day of a month will be counted as having received <br />service for a full month. Accounts discontinued during a given month will be counted as not <br />having received service for that month, as determined by the above described reports. <br />3.2.3 The Contractor may request in writing that payments due or to become due to it be <br />assigned to a bank or other financing institution, provided that prior written approval is obtained <br />through the City Manager, and payment by the City is made only to one party. Any assignment <br />not in conformance with this provision will be null and void as to the City. A fee of $100.00 per <br />contract, per request, will be charged to the Contractor for administrative costs in processing <br />each assignment under this paragraph. Upon payment of such fee to the City, contract payments <br />will be modified to reflect the changed payee name and address. <br />Page 6