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<br />2. COMPENSATION AND METHOD OF PAYMENT <br />The Agency shall pay the City the actual cost incurred by the City for the Publicly Owned <br />Improvement rehabilitation work set forth in Section 1. From the time the City incurs the cost of <br />any particular improvement work subject to this Agreement to the time the Agency reimburses the <br />City for that cost, the amount due to the City for such improvement work shall bear interest at the <br />rate of the average City return on investment, as the same may change from time to time. Except as <br />maybe otherwise provided (1) by separate agreement between the City and the Agency, or (2) by <br />budget appropriations or appropriation adjustments approved by the City and the Agency, the <br />amount to be paid by the Agency hereunder shall be paid in the same fiscal year as the year in <br />which the debts are incurred by the City. <br />3. LIABILITY AND IlvDEMNIFICATION <br />In contemplation of the provisions of Section 895.2 of the Government Code of the State of <br />California imposing certain tort liability jointly upon public entities solely by reason of such entities <br />being parties to an agreement as defined by Section 895 of said Code, the parties hereto, as between <br />themselves, pursuant to the authorization contained in Section 895.4 and 895.6 of said Code, will <br />each assume the full liability imposed upon it, or any of its officers, agents or employees bylaw for <br />injury caused by negligent or wrongful act or omission occurring in the performance of this <br />Agreement to the same extent that such liability would be imposed in the absence of Section 895.2 <br />of said Code. To achieve the above-stated purpose each party indemnifies and holds harmless the <br />other party for any loss, costs or expense that maybe imposed upon such other party solely by <br />virtue of said Section 895.2. The provisions of Section 2778 of the California Civil Code are made <br />apart hereof as if fully set forth herein. <br />4. EFFECTNE DATE OF AGREEMENT <br />This Agreement shall take effect from and after the date of adoption and approval by the <br />City and the Agency pursuant to official action of the governing bodies thereof and shall be <br />effective for a duration not to exceed the time necessary for the City to complete the work and for <br />the Agency to pay the City in full. This Agreement shall apply to all activities carried out by the <br />City as set forth in Section 1 hereto. <br />2 <br />