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<br />WHEREAS, the City and the Corporation desire to enter into this Agreement to set forth <br />the roles and responsibilities of the parties "With respect to providing District Services. <br /> <br />NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> <br />1. CORPORATION OBLIGATIONS. The Corporation's obligations under this Agreement <br />shall be as follo"Ws: <br /> <br />A. Provide District Services. The Corporation shall provide, manage and administer all <br />District Services and provide an annual District Budget Report, during the follo"Wing time <br />periods (fiscal years): <br /> <br />Year 1 July 1,2006 <br />Year 2 July 1,2007 <br />Year 3 July 1,2008 <br />Year 4 July 1,2009 <br />Year 5 July 1,2010 <br /> <br />through <br />through <br />through <br />through <br />through <br /> <br />June 30, 2007 <br />June 30, 2008 <br />June 30, 2009 <br />June 30, 2010 <br />June 30, 2011 <br /> <br />The Corporation shall be fully responsible for developing, implementing, directing and <br />operating the District programs as described in the Plan, Resolution and Ordinance. <br /> <br />B. Budgets. The Corporation shall prepare and submit to the City and the Consenting Cities <br />a budget for each fiscal year for "Which assessments are to be levied and collected. The <br />budget shall be prepared in accordance "With all relative provisions of the Resolution and <br />Ordinance and shall be submitted to the City and Consenting Cities no later than the first <br />day of May of each year. <br /> <br />C. Annual Reports. The Corporation shall prepare and submit to the City and Consenting <br />Cities a report for each fiscal year for "Which assessments have been levied and collected. <br />The report shall be prepared in accordance "With all relative provisions of the Resolution <br />and Ordinance. Said report shall be submitted on or before September 30 of each year. <br /> <br />D. Independent Audit / Financial revie"W. Corporation shall employ, at its sole expense, the <br />services of a qualified independent Certified Public Accountant "Who shall annually <br />examine the books, records, inventories and reports of Corporation and its officers and <br />employees "Who receive, handle or disburse funds obtained by Corporation from City (and <br />Consenting Cities) pursuant to this Agreement. A revie"W shall be performed (rather than <br />a full audit) annually. The City Finance Director may request a full audit, ho"Wever, <br />"Whenever it is deemed necessary. A copy of such revie"W or audit shall be submitted by <br />September 30th of each year to the City Finance Director. <br /> <br />E. Subcontracts. The Corporation shall administer all subcontracts necessary for providing <br />the District Services. The Corporation assumes responsibility for the contracting of, and <br />payment for, all support services as may be required. The Corporation shall comply "With <br />all applicable State and City la"Ws and regulations. <br /> <br />Page 2 of8 <br />