Agmt82 DDA Redwood Shores Inc. GID 1-64

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represents, subiect to the provisions of paragraph 8 hereof, the only source of funding available for the systematic and timely construction of the facilities in the event tho monies in the F Fund are, from Lime to time, insufficient to provide for such U U construction. U W E" 5. Fund. (a) There is hereby established a separate fund g a ("Pund") for the purpose of financing, either directly or by Wreimbursement, construction of the facilities described (in paragraph U ss 3. The City Treasurer shall serve as admini:.Lra for of the Fund. W o (b) All fees deposited .- r the Fund, together with interest t6 In If thereon, shall be used by District solely for the construction, o either directly or by reimbursement, of the Facilities listed in ` U W "Exhibit A," in accordance with the estimated construction time schedule set forth in "Exhibit A," or as such list of Facilities or construction time schedules may be hereafter modified Jom time to time by the mutual consent of the parties. construction costs shall include all those costs normally considered as such for capital improvements, bornr by either the District or Redwood Shores, and shall include, but stall not be limited to, actual costa of labor and materials (whether eree.ded by the parties or by their lontractors) and all architectural and engineering fee:;. Actual labor costs of Yr� th,� ;,arties shall include general administrative overhead, which shall be payable up to a maximum of 188 over tho construction contract cost for each project. Overhead costs shall breviewable on an annual basis. The Fund may also be used to reimbise Redwood Shores for all construction costs as above defined, plus interest thereon, which interest will begin to accrue as payments for actual construction are made by Redwood Shores on a progress pJyment basis, up to the total number of days allowed for completion by the 4