Agmt20 Redwood City Improvement Association-CBID Operating Agreement

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4.8.3. City's General Fund Not Liable. Neither the City's General Fund, nor any other City fund, revenue source, or any other City monies, except the actual Assessments levied on property the City owns in the District under the conditions of Chapter 31 of the Redwood City Municipal Code shall be collected from the County and transferred to RCIA. All Parties acknowledge and agree that any unpaid Assessments in the District are not a debt of the City, nor a legal or equitable pledge, charge, lien or encumbrance upon any City property or upon City income, receipts or revenues. 4.8.4. Approval by City Council. Pursuant to Section 31.14 of the Redwood City Municipal Code, each year's levy of the Assessment is conditioned on the approval, by resolution or ordinance, of a report pursuant to Section 36650 of the Streets & Highways Code. The approval of such a report is at the discretion of the Council. RCIA acknowledges that this Agreement does no obligate the City to cause the collection or the transfer to RCIA of the Assessment in any year for which a report is not approved. 4.9. Financial Statements. 4.9.1. Annually in conjunction with the Annual Report and Budget, RCIA shall prepare, or cause to be prepared, an annual audited financial statement (the "Financial Statement") of all reimbursements and working capital advances paid to RCIA with District Revenues during the previous fiscal year. The financial statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP) and audited by an independent Certified Public Accountant (CPA) in accordance with Generally Accepted Auditing Standards (GAAS). The statements must include a Statement of Expenditures of the District's funds identified in the same expenditure classifications as contained in the City Council -approved District budget and show a comparison to the budgeted amounts, and a statement of compliance with the terms of this Agreement signed by RCIA. Failure to comply with these requirements may result in suspension of any current payments to RCIA or possible future funding. The City may request a separate, full, and independent audit of the Financial Statement, if in its sole and absolute discretion, the City believes such an audit is necessary. 4.9.2. Any District Revenues necessary to cover RCIA's portion of the Financial Statement shall be set aside in the District Budget. 4.9.3. The Financial Statement shall be delivered to the City at the same time as the Annual Report and Budget or within 90 days of the completion of each fiscal year of the RCIA. 4.9 Prouam Coordination. RCIA shall cooperate with the City in the implementation of the District Plan, including program development and coordination of District activities with City functions. 4.10 Assessment Records. RCIA shall maintain a complete database for each parcel assessed within the District, containing the following information: ATTY/AGR/2020.108/RWC CBID OPERATING AGREEMENT REV: 06-25-2020 MI Page 6 of 18