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WHEREAS, the City and the Corporation desire to enter into this Agreement to set <br /> forth the roles and responsibilities of the parties with respect to providing District Services. <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1 . CORPORATION OBLIGATIONS. The Corporation's obligations under this Agreement <br /> 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, 2022 through June 30, 2023 <br /> Year 2 July 1, 2023 through June 30, 2024 <br /> Year 3 July 1, 2024 through June 30, 2025 <br /> Year 4 July 1 , 2025 through June 30, 2026 <br /> Year 5 July 1, 2026 through June 30, 2027 <br /> Year 6 July 1, 2027 through June 30, 2028 <br /> Year 7 July 1, 2028 through June 30, 2029 <br /> Year 8 July 1, 2029 through June 30, 2030 <br /> Year 9 July 1, 2030 through June 30, 2031 <br /> Year 10 July 1, 2031 through June 30, 2032 <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 Consenting <br /> Agencies a budget for each fiscal year for which assessments are to be levied and <br /> collected. The budget shall be prepared in accordance with all relative provisions <br /> of the Resolution and Ordinance and shall be submitted to the City and Consenting <br /> 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 by <br /> Corporation from City (and Consenting Agencies) pursuant to this Agreement. A <br /> 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 /> Page 2 of 8 <br />