1987-11-09 Regular Meeting - Laserfiche WebLink

Browse Search

e e ~ - deration, eviction or constructive eviction, destruction or damage to the Authority's share of the Southeast Plant, the Transmission System, or the Distribution System, failure of the Authority to perform or ob- serve any agreement, whether expressed or implied, or any duty, liabi- lity or obligation arising out of or connected with the Contract, it being the intention of the parties that all sums required to be paid by the City to the Authority hereunder shall continue to be payable in all events and the obligations of the City hereunder shall continue unaffec- ted, unless the requirement to pay the same shall be reduced or termin- " ated pursuant to an express provision of this Contract. If the City disputes any amount to be paid to the Authority, the City shall none the- less promptly make payments as billed by the Authori ty, and if it is subsequently determined by agreement, arbitration, regulatory decision or court decision that such disputed payment should have been less, the Authority will then make proper adjustments to all Participants so that the Participant will receive credit for its overpayments. Nothing con- tained in this Section 7.03 shall be construed to release the Authority from performance of any of the agreements on its part in this Contract. ARTICLE VIII Depository; Budget and Audits Section 8.01 Pursuant to the prOVisions-of Section 16(a) of the Act, the Board shall select such depository or depositories as it deems prudent for the funds of the Authority. Section 8.02 On or before June I or each year the Board shall cause to be prepared a tentative budget for the ensuing Fiscal Year. Said tentative budget shall be delivered by the Authority to the City and the other Participants, which shall have an opportunity to prepare and submit to the Board its comments thereon. Said comments shall be -27-