Laserfiche WebLink
a shortfall and shall notify the Treasurer. <br /> <br /> The Treasurer and ACTA shall determine which Party (or Parties) is <br /> short in its cumulative Local Match obliga~on through the fiscal year <br /> for which there is a cumulative sh0rtfall. <br /> <br /> If there is only one Party that is short, that Party shall fund the <br /> short fall. <br /> <br /> If more than one Party is short, then those Parties shall fund the <br /> shortfall as follows: The mount of each Paxt)~s shortfall in its <br /> cumulative Local Match obligation shall be compared to the amount of <br /> that Part)fls cumulative Local Match obligation, expressed as a <br /> percentage. That percentage shall be multiplied by the amount of the <br /> shortfall in order to determine each Party's share of the shortfall. <br /> <br /> When ACTA receives monies from the Party (Parties), ACTA shall <br /> declare the shortfall funded. <br /> <br /> EXAMPLES <br /> <br /> Cumulative Local <br /> 1. Amount Paid to <br /> Match <br /> Treasurer/ACTA Short fall <br /> Obligations <br /> Citv X $ 600,000 $ 700,000 <br /> City Y $ 300,000 $ 300,000 <br /> City Z $ 300,000 $ 200,000 <br /> TOTAL $1,200,000- $1,200,000 $0 <br /> <br />In this example, even though City Z is $100,000 behind in its cumulative obligation <br />to ACTA, there is no shortfall, and hence City Z owes no additional revenues, <br />because ACTA has received the total amount of the cumulative Local Match <br />obligation through that fiscal year. <br /> <br />Joint Exercise of Poxvers Agreement Page 9 of 22 <br />TVTD Fees for Traffic Mitigation April 24 1998 <br /> <br /> <br />