Res 2007-058 - Laserfiche WebLink

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I I I PART 2. AGREEMENTS BY THE CITY Section 2.1. Contribution Payments. A. The City agrees to make payments to the Agency m the amount of the City's share of the amounts due for services rendered to the Agency under Section 1.1 above. The City's share, based on Its identified water supply needs in relation to the overall capacity of the Project, will be 39.70%. The calculation of the City's share is shown in the table labeled "Individual Participant Costs for Fiscal Year 2006-2007" included on Attachment A to this Agreement. Except for the initial payment under Subsection B of this Section, the City agrees to make these payments within 30 days of the date of each invoice provided by the Agency to the City. B. The City agrees to make an initial lump sum payment to the Agency m the amount of the City's share of the estimated amounts due for services rendered to the Agency under Section 1.1 above during Fiscal Year 2006-2007. The amount of this payment will be $124,301.00. The City agrees to make this payment not later than April 25, 2007. If Agency revenues exceed expenses for Fiscal Year 2006-2007, the excess revenues will be credited to the next payment due from each Sponsor, unless otherwIse determined by the Agency Board. If expenses exceed revenues, the Staff Services contractor will send an invoice to the City and each other Sponsor for their prorata shares of the shortfall, and the City agrees to pay Its prorata share amount to the Agency within 15 days of the date of the invoice. C. In the event this Agreement contmues into one or more subsequent fiscal years of the Agency, the City agrees to pay to the Agency the amounts shown in tables similar to the "Individual Participant Costs for FIscal Year 2006-2007" table included on Attachment A for each fiscal year as approved by the Agency Board, and with the frequency of payments and true- up procedures as determined by the Agency Board. D. In the event that the City does not make a payment to the Agency by the deadline for the payment, the City agrees to pay to the Agency, in addition to the payment amount owed, a five percent late payment penalty. If the City's payment is more than 30 days past due, the City agrees to pay to the Agency, in addition to the payment and penalty amounts owed, one percent mterest per month on the payment amount owed until it IS fully paid. E. In the event the Agency files suit to collect a payment due from the City under this Agreement, the City agrees to pay the attorney fees and costs incurred by the Agency in enforcing this Agreement. Section 2.2. Participation in Agency Governance. The City agrees to actiVely participate in the governance of the Agency's activities through the City's representatives to the Agency Board and the Executive Committee. These representatives should review information provided to them by the Agency, attend meetings of the Agency Board and the Executive CommIttee, and provide input, recommendations and decisions through the Agency Board and Executive Committee at regular and speCIal meetmgs. 3