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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />COOPERATIVE AGREEMENT NO. C-3-2323 <br />C. OPERATING COST ACCOUNTING <br />The AUTHORITY agrees to account for System Operating Costs and Operating Revenues <br />separately from other departments or cost categories. The level of detail will be consistent with existing <br />accounting systems within the AUTHORITY. <br />No later than the end of the second quarter of each Fiscal Year, the AUTHORITY shall send an <br />estimate of Operating Costs for the current Fiscal Year to the CITY to include the remainder of the current <br />fiscal year. Prior to the initiation of Revenue Service, and to the extent practicable, the AUTHORITY shall <br />provide the CITY with an estimate for Operating Costs for the remainder of the Fiscal Year the System <br />enters Revenue Service. <br />In the first quarter of each fiscal year, the AUTHORITY shall determine the Operating Costs and <br />Operating Revenues for the prior year. <br />D. BILLING AND PAYMENT <br />The AUTHORITY shall send the CITY an invoice with supporting documentation no later than the <br />first business day of the second quarter of each fiscal year or on or about October 1 for the CITY's share <br />of Operating Costs for the period of July 1 through June 30 of the preceding fiscal year. The AUTHORITY <br />shall provide adjustments to the invoice in accordance with Exhibit B, Section 2.5.2. <br />The CITY shall have sixty (60) days to pay the AUTHORITY. If the CITY disagrees with the <br />amount and requests an audit by an independent third party, the CITY shall pay for the audit and shall <br />pay the AUTHORITY an interim amount of 75% of the requested amount. Once the audit is completed <br />and subsequently reconciled by both Parties, the amount due shall be remedied. If the reconciled amount <br />is greater than the paid amount, the CITY shall pay the AUTHORITY the difference within sixty (60) days. <br />If the reconciled amount is less than the paid amount, the AUTHORITY shall refund the CITY the <br />difference within sixty (60) days. <br />ARTICLE 8. AUDIT AND INSPECTION <br />The Parties shall maintain a complete set of records in accordance with generally accepted <br />accounting principles. Upon reasonable notice, the AUTHORITY shall permit the authorized <br />Page 8of14 <br />