O-2006-2959 - Laserfiche WebLink

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change order not being included in the 200 MOD Project unless and until written approval is received from the Participants. Change orders caused under Force Majeure or acts of terror shall be excluded from this provision. ARTICLE IV. MANAGEMENT AND ACCOUNTING FOR 200 MGD PROJECT COST Each Participant's contribution for the 200 MOD Project Cost shall be kept by the Managing Participant in an account with interest accruing to the benefit of each Participant at the Interest Rate until it is spent for the 200 MOD Project Costs. Funds from the account may be spent by the Managing Participant only for 200 MOD Project Costs. Within 90 days of the formal acceptance of the completed construction of the 200 MOD Project by the Managing Participant City Council, the Managing Participant Director shall cause an accounting to be made of the 200 MOD Project Cost. A copy of the accounting shall be delivered to each Participant within ten days after its completion. Additionally, within 30 days after completion of the accounting, the Managing Participant shall engage an independent certified public accounting firm from a selection of no more than three prequalified firms selected by the Operating Advisory Committee to audit the Managing Participant's accounting. As soon as the firm has completed the audit, the Managing Participant shall submit the audit to all Participants. The audit scope must be approved by the Operating Advisory Committee and, at a minimum, shall state the difference between the estimated 200 MOD Project Cost paid by each Participant, and each Participant's actual share of the 200 MOD Project Cost and must be in accordance with good accounting practices and principles. If a Participant's share of the 200 MOD Project Cost, as determined by the audit, is less than the share paid by the Participant of H\EWB\SOUTHEDOC 7 9/19/2006