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together, shall be calculated at the time the developer enters into an <br /> agreement for construction of the Transportation Improvement Proiect <br /> and posts bonds. The credit shall be granted at the same time. Once <br /> calculated, the amount of reimbursement shall not increase for <br /> inflation nor shall it accrue interest. <br /> <br /> b. Reimbursement for Proiects Not Funded in SEP. If a developer .. <br /> constructs all or a part of a Transportation Improvement Project that <br /> is not, at time the developer enters into an agreement for construction <br /> of such proiect, included in the prioritization plan of the SEP as a <br /> proiect to be funded, the developer may be eligible for be <br /> reimbursement from the Treasurer, provided that the SEP is <br /> subsequenfiy revised to include the improvement in the prioritization <br /> plan as a proiect to be funded. In such event, the amount of <br /> reimbursement shall be calculated by the Public Works Director or <br /> City Engineer of the Party in which the development is located (and <br /> approved by the TVTC Technical Advisory Committee) and shall be <br /> equal to the cost of the project or portion thereof, as set forth in the <br /> SEP. The amount of the reimbursement shall be calculated when the <br /> developer enters into an agreement for construction of the <br /> Transportation Improvement Project and posts bonds. Once <br /> calculated, the amount of reimbursement shall not increase for <br /> inflation nor shall it accrue interest. Reimbursement shall be from <br /> TVTD Fee revenues only, and the right to reimbursement shall <br /> terminate ten years from the date the developer entered into the <br /> agreement for construction of the proiect. <br /> <br /> Section 16. <br /> Amendments <br /> <br />This Agreement may be amended at any time by an amendment mutually executed <br />by the Cities and Counties. Such amendments shall be approved by the governing <br />board or council of each Party. <br /> <br /> Section 17. <br /> Interpretation of A~eement <br /> <br />Nothing in this Agreement shall be construed to hold any Party liable to any other <br />Party, or any person not a party hereto, for the design, construction, installation, <br /> <br />Joint Exercise of Po~vers Agreement Page 18 of 2~ <br />TVTD Fees for Traffic Mitigation April 24 1998 <br /> <br /> <br />