Agmt09 Transportation Authority SMC

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" " !J~~ll~'Jlilii~Rltfi~~1~li{41~l~l~if!'lfi~!~~J:'~t~... NOW, THE-REFORS, the parties agree as follows: AUTHORITY "agrees: Th.~t. it sh<;il.l, within ten (10) d.ays" qf rac~ipt by the Avthority or its fi$cal ag~nt of Transactions and Use Tax revenues from the State Board of Equalization, typically" occurring monthly but not less than tWice each quarter, and evincing Transactions and "Use Tax reven"ues for the previous month(s), remit or instruct its fiscal agent to remit to the City the City's portion of the revenues, calculated by the Authority or its fiscal agent according to the formula set forth in Exhibit B. II CITY agrees: 1. To use any Funds Provided Pursuant to this Agreement to supplement existing local revenue being used for public transportation purposes listed in the TEP, that said Funds Provided Pursuant to this Agreement may not be used to replace funds previously provided by property tax or other local revenues for public transportation purposes, and that City will limit the use of Funds Provided Pursuant to this Agreement to the improvement and maintenance of local transportation, including streets and roads improvements, "asdescrib"ed in the TEP. 2. No later than ninety (90) days from the end of each of its fiscal years during the term of this Agreement, to "submit to the Authority "a "summary of the projects and/or programs funded ih whole anli" part.With Funds"""Provided"Pur~u"a~t "to" "this" Agre~men~ "duriiig the""prlo"r"fi~cal yeat~:"\:""S(JCh ""summar:Y"::"$h~J.I:~:provide:"":~:::!~ri~t--descr:iPP'~j1"~:of.il"e :v~rltJ.~"s:"pto.je.~~:~H~(C:>.r".:p.tc>.gr~rhs, inCluding. where""a"pprop"nateratid app'fjdibJe, projed"andlor progra"iTi locations arid a list" of other sources of funding -leveraged/matched 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 compliance 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 determines, based on the information provided as detailed above. that the City has used Funds Provided Pursuant to this Agr~ement for projects or purposes other than those contemplated "in this Agreement and the TEP. 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