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a). Invoice for Annual Assessment. At least 30 days prior to the beginning <br />of each Fiscal Year, the City shall send each Partner Agency an invoice for its <br />Annual Assessment. <br />b). Approval of Invoice Amount. Each Partner Agency must notify City in <br />writing within 15 business days after receipt of the invoice for the Annual <br />Assessment if its invoice does not correctly state its Annual Assessment. <br />c). Payment Instructions. City must provide payment instructions to each <br />Partner Agency for the transfer of Partner Agency funds to the City. <br />d). Partner Agency Funds. Each Partner Agency must pay its Annual <br />Assessment to the City no later than 60 calendar days after receipt of the invoice. <br />3. ARIC Fund. <br />A. The City shall establish a separate fund for ARIC in its accounting records <br />( "ARIC Fund ") that is dedicated to the administration of the ARIC. All funds received <br />from Partner Agencies and other ARIC revenues, including income earned from <br />investment of the ARIC Fund, shall be credited to the ARIC Fund. All ARIC obligations <br />shall be debited from the ARIC Fund. The records for the ARIC Fund shall be <br />maintained in compliance with generally accepted accounting principles. <br />B. Investment Income. The ARIC Fund is invested by City in the same manner as <br />City invests its excess funds. Any income earned on the funds invested from the ARIC <br />Fund is credited to the ARIC Fund for the benefit of the ARIC, unless otherwise required <br />by law. Any income earned in the current year will be retained and used to fund <br />anticipated and unanticipated costs in subsequent years, as approved by the Operational <br />Management Team and the Executive Board. <br />C. Quarterly Statements. Within 30 days after the end of each quarter, City must <br />provide quarterly statements showing the credits to and debits from the ARIC Fund, <br />including any income earned, to each Partner Agency. The quarterly statements must <br />include beginning and ending ARIC Fund balances. Statements for `year -end' fund <br />status must be provided as soon after year -end closeout as possible but in no event more <br />than 45 days after the end of the Fiscal Year. <br />Page 4 <br />