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<br />of the $60,000.00 equivalent, the City shall pay to County one-third (1/3) of the gross
<br />receipts, as hereinafter defined. On or before the tenth (10th) day of January, April, July and
<br />October, during the term of this Agreement, the City shall compute and pay to the County,
<br />without demand, at the Office of the County Treasurer, the County's one-third (1/3) portion of
<br />the gross receipts which are not required to be deposited by City into the escrow account,
<br />covering the immediately preceding three month period. City shall accompany each payment
<br />with a sworn statement, certifying as true and correct, the amount of gross receipts collected
<br />pursuant to this Agreement for the immediately preceding three month period.
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<br />(b) The terms "gross receipts", as used herein, shall include all money, and the
<br />market value of all property and services received for entrance to or use of all or any part of
<br />the pier. The term "gross receipts" includes the receipts from all sales, leases and rentals of
<br />personal property of every kind and nature including, but not limited to, food, beverages,
<br />equipment, supplies and services, received on or at the premises and pier. The term "gross
<br />receipts" shall not include bona fide gifts and donations but shall include gifts and donations
<br />which are solicited and/or received upon any representation (express or implied) or pretext that
<br />the donor or some third party is or will be entitled to entrance to or use of all or any part of
<br />the pier.
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<br />(c) City shall maintain an accounting system and records, which will clearly and
<br />accurately reflect the collection of the gross receipts.
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<br />(d) County shall have the right, at any reasonable time to be determined by the
<br />Harris County Auditor, to make periodic audits and inspections of the City's records of the
<br />gross receipts collected pursuant to this agreement.
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<br />(e) City shall operate and manage all concessions and collections of gross receipts
<br />on the pier, in accordance with Paragraph XII herein. The amount of the fee charged for
<br />admission on the pier shall not exceed $5.00 per person, unless the prior approval of the
<br />Commissioners Court of County is obtained. All other fees, rates and prices charged shall be
<br />subject to the prior approval by the Commissioners Court of County. City shall post a
<br />schedule of such fees, rates and prices at all times in a conspicuous place on or near the pier.
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<br />(f) On each anniversary date of this agreement, the $60,000.00 equivalent will be
<br />adjusted by multiplying $60,000.00 by a fraction, the numerator of which is the CPI-U for the .
<br />immediately preceding calendar year, and the denominator of which is the CPI-U for the year
<br />1993. The resulting number shall be the $60,000.00 equivalent for the year commencing on
<br />said anniversary date. In the event the Consumer Price Index is discontinued, the Consumer
<br />Price Index shall thereafter mean such index of prices published by the U.S. Government as
<br />most nearly approximates the Consumer Price Index now published.
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<br />For Illustrative Purposes Only:
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<br />1994 CPI-U = 121.5
<br />1993 CPI-U = 114.4
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<br />represents a 6.2 % increase
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<br />Example: If the amount of the $60,000.00 equivalent is $60,000.00 and the
<br />increase required is 6.2 %, then the amount of escalation required
<br />would be $3,720.00 ($60,000.00 x 6.2% = $3,720.(0), and the
<br />amount of the new $60,000.00 equivalent for the new year of the
<br />Agreement would be $63,720.00 ($60,000.00 + $3,720.00).
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