AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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6.18 Page 4 '.:.' ..... . . ." . .... ...:. . . .a...;. '. ,...... ..':,.. .. . .. .. . t 1i .'. ., " \, . .:, :;,Wij~UM~r#1J.Ap..fP~.mY.:~na. ~~,~~~t~n>>:i:~~J.I.r.@~tp..~dp.pt:.tI:l~~to.~wlr~9.r..m~l)t..~::._qrm~J.I~~: .:. '. 'Y;"_.j.~_I.~(l'i.~:~d , . .n$~.~.IP.r:l.. .In.. ..!\ot'm9.$......... .... ., . $1' PurS.uani.~'#.l:t$...~9.~~nr)~.. NOW, THEREFORE, the parties agree. as follows: AUTHORITY .agrees: That it s.hall~ With,lo ten (10) days. of raC$ipt by the AuthQrity or 11$ f1$cal agOnt Qf Transactions and US& Tax revenues from the State Board of Equalization. typically' occurring monthly but not less than twice each quarter, and evincing Transactions and'Use tax reven'ues for the previous month(s), remit or instruct Its fiscal agent to remitto the City the City's portion of the revenues, calculated by the Authority or.its fiscal agent according to the formula set forth in Exhibit B. II CITY agrees= 1.. To use any Funds Provided Pursuant to this Agreement to supplement existing local revenue being used for public transportation purposes listed in the TEP, that said Funds Provided Pursuant to this Agreement may not be used to replace funds previously provided by property tax or other local revenues for public transportation purposes, and that City will limit the use of Funds Provided Pursuant to this Agreement to the improvement and maintenance of local traf\SPOrta.tion. in~~lng stree~ and roads I~p~ovements, ,asdescri~ed ~n the TEP. 2. No later than ninety (eo) days from the end of each of Its fiscal years during the term of this Agreement. to submit to the Authority.a.summary of1he .projects and/or ~rams ft.itld8(I in Whole or'1n'paft.With Funds'PmWJed'PUiiUant'tO'this..Agreern&At.dUr1n'. the.... ~".' .'fiscal yeer.~;~~'SUmmary~.UjPRMde.i.~~fI.N~r.I""'Oif~:~~'~~~;.p~~~t!j~~S. indu'diHgr where'aPf:;ropll8ifarid apPlicable, prOjecfaridlor. program l~s arid a Hst Of other sources of funding ~8Veregedlmatched with Funds Provided Pursuant to this Agreement. 3. No later than one hundred eighty (180) days from the end of each fiscal year during the term of this Agreement. to submit to the Authority a oornpliance audit prepared by the City's own Internal independent auditor or by a Certified Public Accountant, to substantiate that the City has complied with the requirements of this Agreement. including the TEP, concerning the purpose for which Funds Provided Pursuant to this Agreement have'been spent. III AUTHORITY and CITY agree: If the Authority detennfnes, based on the infonnatton provided as detailed above. that the City has used Funds Provided Pursuant to this Agreement for projects or purposes other than those contemplated .in this Agreement and the TE'P, the Authority will notify the City of its determination. The City shall, within thirty (30) days of notification of the Authority's 2 1485704.8