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<br />" <br /> <br />~ '. <br /> <br />III. <br /> <br />[§3Q01 <br /> <br />COMPENSATION AND METHOD OF PAYMENT <br /> <br />A. <br /> <br />[§3011 <br /> <br />Compensation <br /> <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 /> <br />i.provement work set forth in Section 100 through 102 together <br />with interest at the rate of Seven Percent (7%) per annum cal- <br /> <br />. <br /> <br />culated frQm the time of City's payment of such costs, <br /> <br />City's <br /> <br />preparation of plans and specifications and'performance of all <br />City supervisory and engineering wDrk shall be reimbursed by Agency <br /> <br />at City's actual costs including payroll costs, material, travel, <br />and other related expenses. together with interest at the rate <br /> <br />of Seven Percent (7%) from the time of City's accrual of such <br />City staff costs, or the effective date of this Agreement which- <br /> <br />ever occurs last. <br /> <br />B. <br /> <br />[§3021 <br /> <br />Maximum Compensation <br /> <br />The tota 1 compensa t i on for a 11 work ,performed' hereunder <br /> <br />shall ,not exceed the sum of One. Million ($1,000,000.00) Dollars <br /> <br />without further Agency approval. <br /> <br />C. <br /> <br />[§3031 <br /> <br />Method of Payment <br /> <br />It is anticipated that the Agency shall sell tax allo- <br /> <br />cation bonds secured by tax'inçrements accruing to Agency pursuant <br /> <br />to the Redevelopment Plan for the Project in accordance with <br />Sections 33670-33674 of the California Health and Safety Code <br /> <br />and Section 19, Article XIII of the California Constitution, <br />Upon the sale of said tax allocation bonds, City shall <br /> <br />-3- <br /> <br />. <br /> <br />cJ-f't/f <br />