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On or before the fifteenth (15`h) day of each month, Operator shall remit to City the funds <br />remaining after deducting from Gross Revenues the Operating Expenses and <br />Management Fee for the preceding month. <br />8. RECORDS AND ACCOUNTS <br />A. Records. The Operator shall, at all times during the term of this <br />Agreement, keep or cause to be kept true and complete books, records, <br />and accounts of all gross receipts from the operation of the Parking <br />Facilities within each of the Parking Facilities. The books, records, and <br />accounts shall be supported by source documents such as computer <br />records and printouts, cash register tapes, and/or other pertinent <br />documents. <br />Computer and/or cash register totals shall be read and recorded by the <br />Operator at the beginning and end of each business day for each exit lane. <br />The Operator shall provide, subject to reimbursement by the City, serially <br />numbered tickets compatible with and for use in operating the parking <br />control equipment provided by the City for monitoring vehicular parking <br />and shall keep a record of said tickets acceptable to the City. <br />B. The Accounting Year. For this Agreement, the accounting year shall be <br />January to December. The accounting year shall be maintained <br />throughout the term of the Agreement unless the Contract Administrator <br />approves in writing a different accounting year. Contract Administrator <br />shall approve a change in accounting years only in the event the <br />accounting year in use results in undue hardship for either the Operator or <br />the City and not because of mere convenience or inconvenience. <br />C. Financial Statements. Within ninety (90) days after the end of each <br />accounting year, the Operator shall, at the Operator's sole expense, submit <br />to the City a Statement of Gross Receipts, audited by a Certified Public <br />Accountant, for each accounting year. <br />D. Failure to Submit Financial Statements. In the event Operator fails to <br />submit the financial statements required in paragraph C above by the due <br />date, Contract Administrator may require that Operator pay to the City any <br />and all costs incurred by City to prepare the required financial statement, <br />plus an administrative fee equal to 50% of those costs. <br />E. Audits. All the Operator's books of accounts and records and supporting <br />source documents related to this Agreement or to business operations <br />conducted within or from the Parking Facilities shall be kept and made <br />available at one location within the limits of Orange County, California. <br />10 <br />