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FUNDING SUMMARY No. 01 AGREEMENT 04-2680 <br /> Project No.0418000174 <br /> Funding <br /> 1. Per Chapter 603, amending item 2660-001-0042 of Section 2.00 of the State Budget Act of <br /> 2012, the cost of any engineering support performed by CALTRANS towards any local <br /> government agency-sponsored PID project will only include direct costs. Indirect or <br /> overhead costs will not be applied during the development of the PID document. <br /> Invoicing and Payment <br /> 2. PARTIES will invoice for funds where the SPENDING SUMMARY shows that one <br /> PARTY provides funds for use by another PARTY. PARTIES will pay invoices within <br /> forty-five (45) calendar days of receipt of invoice when not paying with Electronic Funds <br /> Transfer(EFT). When paying with EFT, CITY will pay invoices within five (5) calendar <br /> days of receipt of invoice. <br /> 3. If CITY has received EFT certification from CALTRANS then CITY will use the EFT <br /> mechanism and follow all EFT procedures to pay all invoices issued from CALTRANS. <br /> 4. When a PARTY is reimbursed for actual cost, invoices will be submitted each month for <br /> the prior month's expenditures. After all PROJECT COMPONENT WORK is complete, <br /> PARTIES will submit a final accounting of all PROJECT COMPONENT costs. Based on <br /> the final accounting,PARTIES will invoice or refund as necessary to satisfy the financial <br /> commitments of this AGREEMENT. <br /> Project Initiation Document(PID) <br /> 5. CALTRANS will invoice CITY for a$40,000 initial deposit after execution of this <br /> AGREEMENT and forty-five (45)working days prior to the commencement of PID <br /> expenditures. This deposit represents two (2)months' estimated costs. <br /> Thereafter, CALTRANS will invoice and CITY will reimburse for actual costs incurred <br /> and paid. <br /> Project Development Agreement 2017-02-17 (Created October 12,2017) 2 of 2 <br />