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<br />Agency may pay any debt accrued pursuant to this Agreement, then all <br />such debts theretofore accrued shall be paid in a time and manner <br />consistent with the needs of Agency. Agency may, at its discretion, <br />prepay any part of the Indebtedness any anytime without penalty. <br /> <br />E. Each repayment or reimbursement obligation of the <br />Agency pursuant to this Agreement shall bear interest based on the <br />average interest earned on the City's investment pool. <br /> <br />F. A report of the unpaid balance on Agency's loans owed <br />City shall be prepared on an annual basis, and submitted to City's City <br />Council. Agency's obligation for repayment shall be subordinate to any <br />Agency bonded indebtedness approved by City's City Council and <br />Agency. <br /> <br />G. Except as may be otherwise provided in any bond <br />indenture, all funds of Agency, and the investment thereof, from whatever <br />source derived, shall be maintained in the Treasury of City and <br />administered on behalf of Agency by the Director of Finance of City, as <br />directed by Agency and approved by the Executive Director. Said funds <br />shall be maintained in separate accounts umelated to the accounts of City. <br /> <br />H. Agency shall secure an annual independent audit by a <br />certified public accountant of all financial books, accounts, papers and <br />records of Agency. <br /> <br />IV. <br /> <br />PERSONNEL MATTERS <br /> <br />A. Agency shall have access to services and facilities of the Planning <br />Department, the City Engineer, and other departments and offices of City, <br />pursuant to Health and Safety Code Section 33l26(a). <br /> <br />B. City shall provide Agency with personnel services comparable to <br />those being provided departments of City. Such services shall include position <br />classification, wages and salary administration, recruitment, selection <br />(examination), labor relations, worker's compensation, grievance, affirmative <br />action and equal employment opportunity programs, employee counseling, <br />performance evaluation, fringe benefit administration (including, but not limited <br />to, medical and life insurance, retirement system, vacation and sick leave <br />provisions), certification of payroll attendance records, training, personnel records <br />management, and personnel board activities. These services shall be focused on <br />the particular character of a redevelopment organization. <br /> <br />-4- <br />