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WHEREAS, the City and the Corporation desire to enter into this Agreement to <br /> set forth the roles and responsibilities of the parties with respect to providing District <br /> Services. <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. CORPORATION OBLIGATIONS. The Corporation's obligations under this <br /> Agreement shall be as follows: <br /> A. Provide District Services. The Corporation shall provide, manage and administer <br /> all District Services and provide an annual District Budget Report, during the <br /> following time periods (fiscal years): <br /> Year 1 July 15, 2010 through July 14, 2011 <br /> Year 2 July 15, 2011 through July 14, 2012 <br /> Year 3 July 15, 2012 through July 14, 2013 <br /> Year 4 July 15, 2013 through July 14, 2014 <br /> Year 5 July 15, 2014 through July 14, 2015 <br /> The Corporation shall be fully responsible for developing, implementing, directing <br /> and operating the District programs as described in the Plan, Resolution and <br /> Ordinance. <br /> B. Budgets. The Corporation shall prepare and submit to the City and the <br /> Consenting Cities a budget for each fiscal year for which assessments are to be <br /> levied and collected. The budget shall be prepared in accordance with all <br /> relative provisions of the Resolution and Ordinance and shall be submitted to the <br /> City and Consenting Cities no later than the first day of July of each year. <br /> C. Annual Reports. The Corporation shall prepare and submit to the City and <br /> Consenting Cities a report for each fiscal year for which assessments have been <br /> levied and collected. The report shall be prepared in accordance with all relative <br /> provisions of the Resolution and Ordinance. Said report shall be submitted on or <br /> before September 30 of each year. <br /> D. Independent Audit Financial review. Corporation shall employ, at its sole <br /> expense, the services of a qualified independent Certified Public Accountant who <br /> shall annually examine the books, records, inventories and reports of Corporation <br /> and its officers and employees who receive, handle or disburse funds obtained <br /> by Corporation from City (and Consenting Cities) pursuant to this Agreement. A <br /> review shall be performed (rather than a full audit) annually. The City Finance <br /> Director may request a full audit, however, whenever it is deemed necessary. A <br /> copy of such review or audit shall be submitted by September 30 of each year to <br /> the City Finance Director. <br /> Page 2 of 8 <br />