2003-12-08 Regular Meeting and Public Hearing

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KAlaportefairmontsignals manner as similar funds are invested by the County in federal obligations or interest -bearing time deposits. The determination by County of the portion of said funds needed to meet such obligations shall be conclusive. Upon completion of construction of the Project, the County shall perform or cause to be performed, a final accounting. If the total of the amounts paid by the City to the County hereunder, including interest earnings thereon exceeds an amount equal to 50% of the actual Project Costs, the County shall promptly pay over the amount of such excess to the City. If the total of the amounts paid by the City to the County hereunder, including interest earnings thereon is less than an amount equal to 50% of the actual Project Costs, the City shall promptly pay over the amount of such deficiency to the County., 10. The County acknowledges and agrees that the City's sole obligation under this Agreement during the construction of the Project is to contribute funding for the costs of the Project to the extent stated in this Agreement, and the City has not assumed any responsibility for the actual construction of the Project or the performance of the work other than the contribution of funds as provided herein. The City shall not be responsible for the maintenance or condition of the Project facilities during construction of the Project. 11. The County may make such changes and amendments to the drawings and specifications within the general scope of the. approved Project as the County Engineer deems necessary or desirable during construction of the Project. 12. Either the County or the City may terminate this Agreement, without cause, at any time prior to the letting of the Contract for construction of the Project, by written notice to the other party. After termination, neither party shall have any further obligations hereunder, except as follows: If, at the time of termination, the total of the amounts, if any, paid by the City to the County hereunder, including interest earnings thereon exceeds an amount equal to 50% of the actual Project Costs incurred to the time of termination, the County shall promptly pay over the amount of such excess to the City. If, at the time of termination, the total of the amounts paid by the City to the County hereunder, including interest earnings thereon is less than an amount equal to 50% of the actual Project Costs incurred to the time of termination, the City shall promptly pay over the amount of such deficiency to the County. After termination of this Agreement, the County may continue, at its option, with construction of the Project. 13. Unless this Agreement is amended and additional funds are thereby made available, it is expressly understood and agreed that the City has available the maximum sum of $200,500 to satisfy its obligations under this Agreement; and that the County has available the maximum sum of $200,500 to satisfy its obligations under this. Agreement; and neither party hereto shall be obligated to expend more than the said maximum sum available to the party. 14. The City and its authorized representatives shall have the right to review and audit all books, records, vouchers and documents of whatever nature related to County's performance under this Agreement during the period of performance of this agreement and for three (3) years thereafter or for so long as there exists any dispute or litigation arising from this agreement. 15. No party hereto shall make, in whole or in part, any assignment of this agreement or any obligation hereunder without the prior written consent of the other parties hereto.