2009-08-24 Regular Meeting, Public Hearing and Workshop Meeting of La Porte City Council minutes

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times in the False Alarm Account; 3. Any available funds maintained in the False Alarm Account in excess of the minimum balance shall be considered "Excess Funds" for purposes of this payment procedure; 4. At the beginning of each month, PSC will reconcile the alarm related deposits for the most recent completed month and report to La Porte the proposed revenue shares for La Porte and Psc. Upon La Porte's approval of the proposed revenue shares, La Porte and PSC shall authorize and cause the issuance of electronic (ACH) transfers to La Porte and to PSC, for the total Excess Funds in the False Alarm Account; 5. The amounts of the two fund transfers shall be computed as follows: a. With regard to the funds transfer to La Porte, the amount shall be the La Porte Revenue Sharing percentage (100% minus PSC percentage shown in the Table above), i.e. 62%. This amount shall be transferred to a bank and account authorized by La Porte. b. With regard to the transfer to PSC, the amount shall be the PSC Revenue Sharing percentage shown in the Table above, i.e. 38%. This amount shall be transferred to a bank and account authorized by Psc. 6. At the termination of this Contract, any remaining minimum balance shall also be transferred to La Porte and PSC in the same Revenue Sharing percentages as used in the most recent pre- termination month. 7. La Porte is a Texas public entity and all financial obligations extending beyond the current fiscal year are subject to funds being budgeted and appropriated therefore. Delinquent Account Terms La Porte and PSC shall retain an interest in all accounts receivable produced as a result ofthis contract. The parties shall define a mutually agreeable process and methods for collecting amounts due from delinquent accounts, and sharing the revenue collected in the same Revenue Share percentages as described above. If organizations other than La Porte and PSC are retained to collect overdue amounts, the parties agree that the collection costs shall be borne by the parties on a pro-rata basis, and the net collections paid to the parties on the same Revenue Sharing percentage basis as for standard alarm permit and penalty fees. La Porte Payment Upon Earlv Termination (Per Paragraph 17) If, within the first two years of the start of collections, this Contract is terminated for the convenience of La Porte, or is terminated by PSC for cause as defined in Paragraph 17 D, PSC shall be due a one time Program Termination fee, not to exceed $24,000.00, to reimburse PSC for startup costs. This fee shall be in addition to any other amounts due PSC under the Contract. The $24,000.00 shall be amortized, i.e. reduced, on a straight-line basis over the initial two year period.