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(b) PGandE's estimate of the installed cost of the conduit and other <br />substructures to be installed and deeded to PGandE in accordance with Section <br />1.2 hereof, exclusive of the cost of vaults or enclosures designed to <br />accommodate transformers that will supply three-phase service and conduit or <br />other substructures installed in anticipation of future extentions. PGandE <br />will notify the City of the date PGandE is first ready to provide service <br />within the District. <br /> <br /> 5. PGandE will make refunds to the City, without interest, as <br /> <br />follows: <br /> <br /> (a) At the end of the first 12-month period following the <br /> <br />date PGandE is first ready to provide service from the Distribution System, <br />the total charges billed to customers for electric service furnished directly <br />from the Distribution System, as established in PGandE's records, will be <br />computed as a percentage of the total estimated cost of the Distribution <br />System then installed. The amount of refund payment to the City will be that <br />same percentage of the Refundable Amount. <br /> <br /> (b) If the entire Refundable Amount is not eligible for a <br />refund payment at the end of the first 12-month billing period, the same <br />computation will be made again at the end of the second 12-month billing <br />period and a refund payment will be made based upon the amount by which the <br />total refund payment then due exceeds the amount already refunded. <br /> <br /> (c) If necessary, the same percentage calculation will be <br />made for the third 12-month billing period and a final refund payment will be <br />made, based upon the amount by which the total refund payment then due exceeds <br />the amount already refunded. <br /> <br /> 4: <br /> <br /> <br />