O-2001-2383-A - Laserfiche WebLink

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e e Participant shall engage its then-current independent certified public accounting firm to audit the accounting of costs. As soon as the firm has completed the audit, the Managing Participant shall submit the audited accounting to the Participants. The Managing Participant and Participants agree to "true-up" the previo,:!s payments made for services during the fiscal year such that each Participant who has underpaid will make iimely payment of all O&M Expenses owed in the next monthly billing following the audit, and the Managing Participant agrees to give credit to each Participant who has overpaid O&M Expense for the fiscal year, such credit to be given in the monthly billing following the audit. 4.2.4 The Managing Participant agrees to provide the independent auditor all expense, meter readings and cost data required for the audit, including any documents or records available to Participants under this Agreement. 4.2.5 The audit must include an itemization for each Participant of all costs and meter recordings used to compute the O&M Expenses. 4.3 O&M Exoense Calculations For the purposes of this Agreement the yearly O&M Expense for each Participant, except the City of Pasadena and the LaPorte Area Water Authority, is computed according to the following formula below. (Pasadena's O&M Expense is the same as below. except replace Exhibit "E" with Exhibit "E Pasadena" and eliminate factor "G" in the formula; LaPorte's . . O&M Expense is the same as below except replace Exhibit "E" with Exhibit "E LaPorte Area \Vater Authority" and eliminate factor "G" in the formula.) U:\WPALEs\cONTRAC1\EWB\ 19'19\EWB \097S.R v I LD. File Nil. So-99IJ6.lJ\ Rcviscd 28