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