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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 1, 2015 through June 30, 2016 <br /> Year 2 July 1, 2016 through June 30, 2017 <br /> Year 3 July 1, 2017 through June 30, 2018 <br /> Year4 July 1, 2018 through June 30, 2019 <br /> Year 5 July 1, 2019 through June 30, 2020 <br /> Year 6 July 1, 2020 through June 30, 2021 <br /> Year 7 July 1, 2021 through June 30, 2022 <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 Agencies a budget for each fiscal year for which assessments are to <br /> be 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 Agencies 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 Agencies a report for each fiscal year for which assessments have <br /> been levied and collected. The report shall be prepared in accordance with all <br /> relative provisions of the Resolution and Ordinance and 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 Agencies) pursuant to this Agreement. <br /> A review shall be performed (rather than a full audit) annually and a copy shall be <br /> submitted by September 30 of each year to the City Finance Director. The City <br /> Finance Director may request a full audit, however, whenever it is deemed <br /> necessary. <br /> Page 2 of 8 <br />