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and (iv) reduction or removal of project mitigation requirements or ' <br /> conditions of approval. <br /> <br /> e. To exempt from the fee public schools, Subsidized Housing <br /> Development, and the governmental buildings owned bv any public <br /> entity unless a Party can and does impose the TVTD Fee on <br /> governmental buildings of a public entity other than one of the Parties. <br /> <br /> Section 6. <br /> Tri-Vallev Transportation Development Fee Accounts <br /> <br /> a. Each Party shall place the TVTD Fees in an interest-bearing individual <br /> account to be used specifically for the Transportation Improvement <br /> Projects. The deposits in each account shall be invested in the same <br /> manner as other funds of the Party. For investment purposes the funds <br /> may be pooled with other funds as long as separate accounting is <br /> maintained and the account is credited with the investment earnings. <br /> <br /> b. A "Joint TVTD Fee Account" shall be established by the "Treasurer". <br /> Each Party shall transmit to the Treasurer within 30 days of the end of <br /> each quarter not less than 80% of all TVTD Fees collected by that Part), <br /> during the quarter, and any interest or income generated on such 80% <br /> amount, together with notification of the Transportation Improvement <br /> Projects that the Party intends to fund with the retained portion of the <br /> 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 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 Parties, 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 />Joint Exercise of Powers Agreement Page 7 of 21 <br />TVTD Fees for Traffic Mitigation June 2, 1998 <br /> <br /> <br />