1987-11-09 Regular Meeting - Laserfiche WebLink

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e e r::: - calendar month commencing 10, 19_, and continuing thereafter throughout the term of this Contract, the Authority shall submit to the City (and to each of the other Participants) a statement invoicing the Authority's charges for the previous billing period. Each such statement shall specify (a) the volume of the Water delivered to the City during such month multiplied by the Budgeted Unit Expense (as adjusted, if such be the case); (b) the Production and Pumping Operation and Maintenance Expenses due by the City in respect of such "month (calculated on the basis of the actual volume of Water delivered to the City); (c) the City's share of Operation and Maintenance Expenses; (d) the City's monthly minimum charge due by the City pursuant to the prov is ions of th is Contract; and (e) the total of all such charges. The City shall pay each such statement promptly upon its receipt thereof, and any amount not pa id wi th in forty (40) days of the date of sa id statement shall bear interest at the rate of ten percent (10%) per annum until paid and, if any part of the amount past due and unpaid (including interest) is collected by the Authority through the services of an attorney, there shall be added thereto the amount of a reasonable attorney's fee. Notwithstanding the above, and regardless of whether the City actu- ally takes Water from the Authority, the City shall pay, as the same becomes due and payable, a monthly minimum charge which represents the City's share of principal and premium (if any) plus interest charges on all Bonds issued pursuant to this Contract (together with all funding requirements for all reserve and other funds established under any Bond Resolution). Said monthly minimum charge shall be calculated as follows: -24-