09-23-1987 Meeting - Laserfiche WebLink

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• • c 2.04 Payment of Project Actual Construction Costs The Authority agrees to pay to Houston the Authority"s pro rata share of the Actual Construction Costs of the Project. The Authority"s Pro Rata share of the Actual Production Construction Cost shall be 5.25 percent (the initial Demand Allocation Factor) and the Authority"s share of the Actual Pumping Construction Cost shall be 2.33 (the initial Pumping Allocation Factor). The Authority"s pro rata share of Actual Construction Costs is due and payable as follows: (i) Authority shall pay to Houston ONE MILLION THREE HUNDRED FOURTY SIX THOUSAND EIGHT HUNDRED DOLLARS ($1,34b,800) on or before thirty (30) days folio~ing the date of the notice from the Authority to Houston as set forth in Section 5.17. (ii) Houston shall invoice the Authority for payment of its share of capital costs at the expiration of each calendar quarter (December, March, June, September). Each quarterly payment hereunder shall be the amount necessary for the Authority to "catch-up" its pro rata ' contribution under this Contract. ("Catch-up" as used • -`, herein means that the percentage of the pro rata soars - of estimated Construction Costs paid by the part3cipaat equals the percentage of the estimated Construction costs paid for construction of the Project.) - - - (iii ~ On or before the expiration of; ninety ~9tf J `dais fra~m the date of the formal acceptance of .the completed construction of the Project by the Houston City Council and the Authority, the Houston Director shall cause an accounting to be made of the Actual Construction Cost of the Project and deliver same to the Authority. -`• ~ ~ ~ ~'~- fiv) _ The accounting prepared by Houston shall .include an~ .-: .. =' audit of the Actual Construction .Cost. Ttie audit :ahaii *°~ be prepared by an independent firm~bf`certified public accountants, and the cost therefore shall be included in the Actual Construction Cost. The accounting shall state the difference between the Houston Director"s estimated .Actual Construction Cost and the Actual Construction Cost of the Project;. the estimated Actual Production Construction Cost and the Actual Production Construction Cost of the Project; and the estimated Actual Pumping Construction Costs and tfie Actual Pumping Construction Cost of the Project. Said accounting shall also set forth any adjustments necessary to be made in the Authority"s pro rata share payments between pumping and production costs. 9