Laserfiche WebLink
<br />Date of Knowledge is the quarter during which MMC notifies the State Board of Equalization of <br />the existence of a misallocation. As used herein, the Date of Correction refers to the quarter in <br />which the taxpayer has correctly reported the local tax and the SBE distributes the local tax <br />properly to City based on the taxpayer's reporting. For QDR Misallocations detected and <br />corrected, MMC's compensation shall only include the quarters in which the misallocation <br />actually occurred. <br /> <br />City Responsibilities <br /> <br />MMC's services performed hereunder may result in corrections of misallocations after cessation <br />of services by MMC for City. Therefore, City agrees that with regards to misallocations <br />identified to the State Board of Equalization whose Date of Knowledge occurred during MMC's <br />performance of services for City, that City's obligation to pay MMC in accordance with the above <br />compensation language shall survive expiration or termination of this Agreement for any reason. <br /> <br />In the event that City identifies, documents, and notifies the State Board of Equalization of a <br />reporting error or misallocation as those terms are used herein, City agrees to notify MMC of <br />City's discovery no later than ten (10) days after the Date of Knowledge. If City fails to so notify <br />MMC and MMC later detects, documents, and reports the misallocation or reporting error to the <br />State Board of Equalization, or if MMC has established a Date of Knowledge with the State <br />Board of Equalization prior to notification to the Board by City, then MMC shall be entitled to <br />compensation for the affected account in accordance with this Addendum. <br /> <br />EXECUTED as of the day and year last stated below. <br /> <br />MBIA MuniServices Company/MMC REDWOOD CITY <br />4.. ..."...'" . AMuniCiP~atio.~ , <br /> <br />dr ~ ~ jJ- <br />By:/. ~." Z---- By: ,g-- <br />" Marc Herman <br />Title: President Title: Ct~. t: þ~ <br />Date: I) ,/J '(/c") Date: ~/ ~/OY <br />ATTEST: <br /> <br />By ~. ø...:s:.. "- w.... ~~ to.. ¡ V. Sù\. ). \. ~ <br />~evii1Ceru i CITY CLERK <br /> <br />Title: Chief Financial Officer <br />Date: / I /I~:¡ Ie J <br /> <br />~.~.~~..~~~~~ F~~: APPROVED AS ~o FO~~: <br />~~~~ ~~.J \ ~ <br /> <br />Neil Ackerman, Corporate Counsel CITY A TTOR <br /> <br />-"--_.~ <br />