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III. BUDGET <br /> <br />The following budget is an estimate only of the cost of providing the services hereunder <br />for the term July 1, 2003 through June 30, 2004. This budget may be modified by mutual <br />written agreement of the Contract Officers. <br /> <br />Administration <br /> ASF (not to exceed) <br /> Solari Enterprises (not to exceed) <br />Housing Assistance Payments/Program Expense <br /> <br />$ 20,000.00 <br />$ 40,000.00 <br />$440,000.00 <br /> <br />TOTAL (Maximum Obligation) <br /> <br />$500,000.00 <br /> <br />IV. PAYMENTS/COST REPORT <br /> <br />1) <br /> <br />City shall pay Project Sponsor for the actual costs of providing the <br />administration of services hereunder, whether provided directly by <br />Project Sponsor or Contractor, provided, however, the total of all <br />payments to Project Sponsor shall not exceed the Maximum <br />Obligation as specified in Section III of the Agreement. <br /> <br />2) <br /> <br />City shall draw down HOPWA funds designated for rental subsidy <br />payments on a monthly basis after receipt of certification of <br />individual of individual tenant subsidy amounts. After final <br />approval by City, funds will be wire-transferred to bank account of <br />Contractor for disbursement to landlords. <br /> <br />Project Sponsor shall invoice City monthly exclusive of rental subsidy <br />payments, in arrears, based on the actual cost of providing and contracting for <br />the services hereunder. City shall pay Project Sponsor no later than thirty (30) <br />days following receipt of such invoice. Monthly payments are interim <br />payments only, and are subject to final settlement and reconciliation to the <br />final Cost Report submitted by Project Sponsor. <br /> <br />All billings by Project Sponsor shall be accompanied by copies of source <br />documentation including, but not limited to, journals, time sheets, canceled <br />checks, and records of cost incurred by Project Sponsor and Contractor in the <br />performance of this Agreement. <br /> <br />At such times and in such a format as the Contract Officers mutually agree in <br />writing, Project Sponsor shall prepare and submit to City reports of cost <br />incurred by Project Sponsor in the performance of this Agreement. <br /> <br />E. The cost Report(s) shall be financial and statistical reports(s) submitted by <br /> <br /> <br />