Agmt15 Redwood City Improvement Association (RCIA)

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Agreement. The City shall not be obligated to disburse Assessments which have not been collected. Upon request by RCIA and with the approval of the City subject to compliance with this Agreement, any Assessments received by the City that are in excess of the annual Assessment(penalties,late-payments, etc.) sha11 be disbursed to the RCIA upon receipt. 5.5.1 Assessment Disbursement Schedule. Contingent upon receipt of District Assessment funds from the County of San Mateo and contingent upon RCIA's compliance with this Agreement and the District Plan, the City shall disburse to the RCIA the Assessments received from the County on or about the following dates and in accordance with the following percentages. Said disbursements shall include an accounting of the property Assessments paid per parcel. On or about: December 18th Fifty percent (50%) of annual Assessment received from the County, or the full amount transferred by the County to the City in the December installment, whichever is greater. Plus 50% of the annual Assessments received and collected by the City for tax-exempt and publicly owned parcels within the District. Provided, however, in the first year of this Agreement, the City may make a cash advance of three months of working capital to RCIA based on the District's monthly cash flow budget requirements related to the City Council-approved current fiscal year District budget. If the City's reserves are not adequate to cover the working capital advance request, an advance will be based on available cash at the time of the request. The City will be reimbursed for such advance from the annual Assessment Revenue when available. Apri130 Fifty per cent (50%) of the annual Assessment received from the County, or the full amount transferred by the County to the City in the April installment, whichever is greater. Plus 50% of the annual Assessments received and collected by the City for tax-exempt and publicly owned parcels within the District. June 20�' Any additional Assessment amounts transferred to the City that were collected during the fiscal year (terminating on June 30�'� and transferred to the City, shall be forwarded to RCIA based on the schedule set forth in 5.3.1 herein above. Said additional amounts may include any delinquency or penalty amounts from the late or non-payment of Assessments by any property owner in the District. 5.6 Suspension of Payments. If RCIA fails to perform any of its obligations as set forth in this Agreement, the City shall have the right to suspend the disbursement of Assessment Revenues to costs to RCIA pursuant to Section 5.5 until such time as RCIA is in compliance with the terms of this Agreement. If, as a result of RCIA's failure to perform, the City elects to withhold payrnent, the City shall give RCIA written notice of its intention to suspend disburse Assessment Revenues until RCIA has cured its ATTY/AGR/2015.002/RWC CBID OPERATING AGREEMENT REV:01-05-2015 PT Page 9 of 19