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<br />AGREEMENT NO. C-5-2592 <br /> <br />B. COSTA MESA shall within five (5) calendar days of receipt of payment from <br /> <br /> <br />2 AUTHORITY deposit the entire amount in an interest bearing account of which the interest accrued <br /> <br />3 shall be due to AUTHORITY upon completion of the LANDSCAPING PROJECT. COSTA MESA <br /> <br />4 shall submit a monthly bank statement to AUTHORITY showing the interest accrued. All interest <br /> <br /> <br />5 shall be paid to AUTHORITY within 90 calendar days after PROJECT completion. <br /> <br />6 <br /> <br />C. <br /> <br />On the 10th day of each month, COSTA MESA shall submit to AUTHORITY, a <br /> <br />7 monthly expenditure report which details all expenditures related to 1-405 Bristol Street Interchange <br /> <br />8 of the LANDSCAPING PROJECT. <br /> <br />9 <br /> <br />D. <br /> <br />Within 90 calendar days of PROJECT completion, COSTA MESA shall return to the <br /> <br />10 AUTHORITY all remaining project funding. <br /> <br />11 ARTICLE 6. FUNDING AND INVOICING SANTA ANA <br /> <br />12 <br /> <br />A. <br /> <br />SANTA ANA shall submit an invoice to AUTHORITY for the not-to-exceed amount of <br /> <br />13 $805,800.00, no later than 30 calendar days after execution of this Agreement. <br /> <br />14 <br /> <br />B. <br /> <br />SANTA ANA shall within five (5) calendar days of receipt of payment from <br /> <br />IS AUTHORITY deposit the entire amount in an interest bearing account of which the interest accrued <br /> <br />16 shall be due AUTHORITY upon completion of the LANDSCAPING PROJECT. SANTA ANA shall <br /> <br />17 submit a monthly bank statement to AUTHORITY showing the interest accrued. All interest shall be <br />18 paid to AUTHORITY within 90 calendar days after PROJECT completion. <br /> <br />19 <br /> <br />C. <br /> <br />SANTA ANA shall be held accountable for project costs and are to provide <br /> <br />20 AUTHORITY a detailed monthly expenditure report pertaining to its responsibilities with respect to <br />21 the SR-55/MacArthur Boulevard Interchange of the LANDSCAPING PROJECT for the entire project <br />22 duration. This report shall submitted to AUTHORITY by the 10th day of each month. <br /> <br />23 <br /> <br />D. <br /> <br />Within 90 calendar days of PROJECT completion, SANTA ANA shall return to the <br /> <br />24 AUTHORITY all remaining project funding. <br /> <br />25 / <br /> <br />26 / <br /> <br />KPEREZ:CF <br />L:\CAMM\CLERICAl\CLERICAL\WQRDPROCIAGREE\AG52592.DOC <br /> <br />Page 5 of 10 <br />