RES 98088 - Laserfiche WebLink

b. Satisfaction of Local Match AFeernents for the 580/680 Interchange Project. Several of the Parties have individual agreements with ACTA to provide Local Match Funds for the 580/680 interchange project. It is the intent of all of the Parties that the TVTD Fees collected by the Parties shall be used to satisfy these Local Match Agreements. In order to carry out this intent, the Treasurer, as part of the quarterly pa.vments to ACTA described in Section 7.a, shall provide ACTA and each of the Parties with an accounting tracking each Party's total cumulative payments until ACTA has received $5,548,300, less any contributions by Parties subject to reimbursement pursuant to Section 7.d of this Agreement. c. Shortfall in Payments to ACTA. The purpose of this subsection is to specify how a shortfall will be funded. At the end of any fiscal year, if ACTA has received (via the Treasurer) less than the total cumulative amount (up to and including the cumulative amounts for that fiscal year) that ACTA should have received from Parties with Local Match Agreements, ACTA shall declare a shortfall and shall notify the Treasurer. The Treasurer and ACTA shall determine which Party (or Parties) is short in its cumulative Local Match obligation through the fiscal year for which there is a cumulative shortfall. If there is only one Party that is short, that Party shall fund the shortfall. If more than one Party is short, then those Parties shall fund the shortfall as follows: The amount of each Party's shortfall in its cumulative Local Match obligation shall be compared to the amount of that Party's cumulative Local Match obligation, expressed as a percentage. That percentage shall be multiplied by the amount of the shortfall in order to determine each Party's share of the shortfall. When ACTA receives monies from the Party (Parties), ACTA shall deflate the shortfall funded. Joint Exercise of Powers Agreement Page 8 of 21 TVTD Fees for T~afftc Mitigation June 2, 1998