Laserfiche WebLink
LGLAUt <br />ENMn •WAM•Co, <br />as the sole and exclusive remedy for such disputed payments, unless San Marcos is in <br />Default. <br />(b) Reporting. LCRA will provide San Marcos with reports related to the Facility that <br />LCRA produces in its regular course of business, such as reports regarding: <br />(i) Facility Construction <br />(ii) Operations & Maintenance <br />(iii) Market Settlements <br />(iv) Capital Improvements <br />(c) Budgets. <br />(i) Project Budget. The current budget for the Facility ( "Project Budget ") is shown <br />in Exhibit C. The Project Budget may be amended from time to time by LCRA <br />at its sole discretion, and LCRA shall promptly provide any such updated budget <br />to San Marcos. <br />(ii) Operating Budgets. LCRA shall provide San Marcos with any long -term capital <br />improvements and operations and maintenance budget plans and projections <br />related to the Facility and produced by LCRA. In addition, LCRA shall provide <br />San Marcos with budget development materials related to the Facility and <br />produced by LCRA during its annual process of developing the LCRA Business <br />Plan. LCRA shall promptly provide San Marcos with its annual operating budget <br />and business plan for the Facility ( "Operating Budget ") when it has received final <br />approval by the LCRA Board of Directors. An Operating Budget may be <br />amended from time to time during the applicable Fiscal Year by LCRA at its sole <br />discretion, and LCRA will promptly provide any such updated budget to San <br />Marcos. <br />ARTICLE 7. COMPLIANCE WITH LAWS AND GOVERNMENTAL APPROVALS <br />The Parties will comply with all Laws applicable to their obligations under this Agreement and <br />their interest in the Facility. The Parties will, with reasonable promptness after receipt of a <br />written request from the other Party, execute, acknowledge and deliver (or to join in the <br />execution, acknowledgment and delivery of) any and all applications for Governmental <br />Approvals required in connection with the construction or operation of the Facility, at each <br />Party's own expense. <br />ARTICLE 8. TAXES <br />(a) Tax Exempt. The Parties are both tax exempt entities, and no taxes are expected to be <br />imposed on the Parties arising from or related to this Agreement. <br />(b) Sharing of Taxes and Related Payments. Notwithstanding Article 8(a), in the event <br />Taxes are imposed on or incurred by LCRA or the Facility, all such Taxes shall be <br />Participation Expenses, which shall be shared and borne by San Marcos in proportion to <br />its Participation Share. <br />Participation Agreement between <br />Lower Colorado River Authority Page 10 of 26 <br />and City of San Marcos <br />