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ARTICLE 12. FUNDING <br />12.1 Debts and Liabilities. The SBWMA's debts, liabilities, and obligations shall not <br />be debts, liabilities, or obligations of any of the Members, and each Member's obligation <br />hereunder is expressly limited only to the appropriation and contribution of such funds as may be <br />levied pursuant to this Agreement or as the Members hereto may agree. <br />12.2 SBWMA Activities. Unless otherwise authorized by the Board, all costs <br />associated with SBWMA activities shall be paid by the Facilities' users. The SBWMA shall be <br />solely responsible for determining the amount of any charge to recover these pass-through costs. <br />The Members hereby agree to pass any such charge as approved by the SBWMA, to users as part <br />of the Solid Waste, Recyclable Material and Plant Material and Transfer and Transport and <br />Processing rate, without reduction, limitation, offset, or adjustment of any kind. <br />12.3 SBWMA Records and Accounts. The Finance Director shall maintain accurate <br />and correct books of account showing in detail revenues and expenditures, together with <br />supporting documentation including, but not limited to, receipts, invoices, and vouchers for <br />SBWMA financial transactions. <br />12.4 Facilities Records and Accounts. The Finance Director shall maintain or cause <br />to be maintained accurate and correct books of account of the Facilities' operations showing in <br />detail revenues and expenditures, together with supporting documentation including, but not <br />limited to, receipts, invoices, and vouchers. <br />12.5 Revenue Bond Payments. The revenue stream pledged to the Revenue Bonds <br />may in no way be used for any purpose other than to make payment on the indebtedness <br />associated with those bonds. Such revenues are not in any way considered revenues to the <br />Agencies, and may not be used for any other purpose unless and until such Revenue Bonds are <br />defeased or repaid in full. <br />12.6 Franchise Fee Payments. Monthly, SBWMA shall distribute to the City of San <br />Carlos, from funds received from Contractor, one twelfth (1/12th) of the annual franchise fee <br />agreed to by the SBWMA and the City of San Carlos for the operation of the Facilities. <br />12.7 Priority of Distribution of Funds Received by SBWMA.. Monthly, the <br />SBWMA shall receive funds from the Contractor of the Facilities under Section 6.04 of the <br />Agreement for the Operation of the South Bayside Waste Management Authority's Transfer <br />Station and Recyclery. The SBWMA shall distribute the funds received in accordance with the <br />following priority: <br />a. Debt Service Payments. <br />b. Contributions to Reserves. <br />c. Management Costs. <br />d. Payment of Franchise Fees to the City of San Carlos. <br />e. Such other distribution as authorized by the Board. <br />Page 10 <br />