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74-062
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74-062
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Last modified
1/3/2012 12:34:58 PM
Creation date
6/26/2003 10:46:47 AM
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City Clerk
Doc Type
Resolution
Doc #
74-62
Date
5/20/1974
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III. <br /> <br /> [S3001 COMPENSATION AND METHOD OF PAYMENT <br /> A. [$301] Compensation <br /> <br /> Agency shall pay City for the actual as-built costs <br />incurred by City'on and after August 2, 1973, for the public <br />improvement work set forth in Section 100 t~rough 102 together <br /> <br />with interest at the rate of Seven Percent {7~) per annum cal- <br />culated from the time of City's payment of such costs. 'City's <br />preparation of plans and specifications and'performance of all <br />City supervisory and engineering work shall be reimbursed by Agency <br />at'City's actual costs including payroll costs, material, travel, <br />and other related expenses, together with interest at the rate <br />of Seven Percent {7%) from the time of City's accrual of such <br /> <br />City staff costs, or the effective date of this Agreement which- <br />ever occurs last. <br /> <br /> B. [$302] Maximum.Compensation <br /> <br /> . The total compensation for all work performed hereunder <br />shall not exceed the sum of One Million .($1,000.,0p0,00) Dollars <br />without further Agency approval. <br /> <br /> C. [S303] Method of Payment <br /> <br /> It is anticipated that the Agency shall <br /> <br /> sell tax allo- <br />cation bonds secured by tax increments accruing to Agency pursuant <br />to the Redevelopment Plan for the Project in accordance with <br />Sections 33670-33674 of the California Health and ~afety Code <br />and Section [9, Article XIII of the California Constitution. <br /> <br /> Upon the sale of said tax allocation bonds, City shall <br /> <br />-3- <br /> <br /> <br />
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