Laserfiche WebLink
Party during the quarter, and any interest or income generated on such <br /> 80% amount, together with notification of the Transportation <br /> Improvement Proiects that the Party intends to fund with the retained <br /> portion of the revenues. <br /> <br /> c. Each party shall maintain a current record of all funds retained by that <br /> Party, including interest or income on such funds and annually furnish <br /> the Treasurer an accounting for inclusion in any audit of TVTD Fees. <br /> <br /> Section 7. <br /> Payments to ACTA and Reimbursement for ACTA Local Match <br /> Contributions <br /> <br /> a. Payment tO ACTA for 580/680 Interchange Proiect. Commencing with <br /> the first quarter after the Fee Effective Date, the Treasurer shall pay to <br /> ACTA all of the TVTD Fee revenues received from all Paxties, including <br /> interest earned thereon. Such payments shall continue on a quarterly <br /> basis until ACTA has received $5,548,300, less any contributions by <br /> Parties subject to reimbursement pursuant to Section 7.d. of this <br /> Agreement. <br /> <br /> b. Satisfaction of Local Match At, reements for the 580/680 Interchange <br /> Project. Several of the Paxties have individual agreements with ACTA to <br /> provide Local Match Funds for the 580/680 interchange project. It is <br /> the intent of all of the Parties that the TVTD Fees collected by the <br /> Parties shall be used to satisfy, these Local Match Agreements. In order <br /> to carry out this intent, the Treasurer, as part of the quarterly payments <br /> to ACTA described in Section 7.a, shall provide ACTA and each of the <br /> Parties with an accounting tracking each Party's total cumulative <br /> payments until ACTA has received $5,548,300, less any contributions <br /> by Parties subiect to reimbursement pursuant to Section 7.d of this <br /> Agreement. <br /> <br /> c. Shortfall in Payments to ACTA. The purpose of this subsection is to <br /> specify how a shortfall will be funded. <br /> <br /> At the end of any fiscal year, if ACTA has received (via the Treasurer) <br /> less than the total cumulative amount (up to and including the <br /> cumulative amounts for that fiscal year) that ACTA should have <br /> received from Parties ~vith Local Match Agreements, ACTA shall declare <br /> <br />Joint Exercise of Powers Agreement Page 8 of 22 , <br />TVTD Fees for Traffic Mitigation April 24 1998 <br /> <br /> <br />