RES 85237 - Laserfiche WebLink

WHEREAS, EBDA is willing to accommodate and provide services for an increase in export on an interruptible flow basis subject to LAVlqI.~A's annual i~ayment to EBDA of a annual fee for providing such services; r;O',.,', THEREFORE, the parties agree as follows: 1. Initial Costs: LAVWMA shall pay EBDA a on6 time, lump sum payment of SIO,O00 upon execution of this Agreement for administration, legal and miscellaneous costs incurred after April 11, 1985 in the development of this Agreement. All costs incurred by EBDA prior to and including Apr'il 11, i985 shall be paid by LAV~qMA at Direct Salary Costs plus 150% and all other Direct Costs plus 10%. 2. SerVice. Charge. s: A. LAV~'MA shall pay EBDA $5,000 per annum as and for depreciation of _=~- facilities for each calendar year during the term of this Agreement, commencing on January 1, 1986, which payment shall be made on the 1st day of each calendar year commencing on January 5, 1986. B. LAVMWA shall pay EBDA $2,000 per annum as and for administration. insurance, etc. for each calendar year during the term of this Agreement, commencing on January 1, 1989, which payment shall be made on the 1st day of each calendar year commencing on January 5, 1989. C. LAVWMA shall pay EBDA an additional amount per calendar year equal to the simple interest on a sum of $320,000. Th'e sum $320,000 i's the amount ~.;hich the parties agree represents the reasonable cost of the capital invested by EBDA in construction of the facilities. The interest will be based on the actual yearly prime rate of Bank of America in existence on January 1st of each year. Said payment shall be for each calendar year during this Agreement commencing on January 5, 1994, provided further that the prime rate shall never be lower than 6% nor higher than 14%. -2-