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25C - NEWPORT WATERSHED COOPERATIVE AGMT. (2)
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25C - NEWPORT WATERSHED COOPERATIVE AGMT. (2)
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1/3/2012 4:01:31 PM
Creation date
8/12/2010 2:25:09 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25C
Date
8/16/2010
Destruction Year
2015
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Agreement No. D99-12E <br />each PARTY for its prorated share of the excess cost up to the amount of the revised <br />approved budget. Each PARTY shall pay the billing within 45 calendar days of the date <br />of the invoice. If the fiscal year end accounting results in the sum of the deposits <br />exceeding costs (net of interest earnings), the excess deposits will carry forward to <br />reduce the billings for the following year. The fiscal year end accounting results <br />and associated invoices for each PARTY will take into consideration any outside <br />funding provided for programs in the approved budget from entities not party to this <br />AGREEMENT. <br />Upon termination of the program, a final accounting shall be performed by the <br />COUNTY. If costs remaining after the deduction of interest costs exceed the sum of <br />the deposits, the COUNTY shall invoice each PARTY for its prorated share of the <br />deficit. Each PARTY shall pay the invoice within 45 calendar days of the date of the <br />invoice. If the sum of the deposits, including interest, exceeds the costs, the <br />COUNTY shall reimburse to each PARTY its prorated share of the excess, within 45 <br />calendar days of the final accounting. <br />Section 6. AMENDMENT. This AGREEMENT may be amended in writing only with the <br />unanimous written approval of the parties. <br />Section 7. LIABILITY. It is mutually understood and agreed that, merely by the <br />virtue of entering into this AGREEMENT, each PARTY neither relinquishes any rights nor <br />assumes any liabilities for its own actions or the actions of other PARTIES. It is <br />the intent of the PARTIES that the rights and liabilities of each Party shall remain <br />the same, while this AGREEMENT is in force, as it was before this AGREEMENT was made, <br />except as otherwise specifically provided in this agreement. <br />Section 8. TERMINATION. Any PARTY wishing to terminate its participation in <br />this AGREEMENT shall so notify all other PARTIES in writing by March 1 of any year. <br />Such termination shall be effective the following June 30. The terminating PARTY <br />shall be responsible for financial obligations hereunder to the extent incurred in <br />accordance with this agreement by the PARTY prior to the effective date of <br />5 <br />Final Version 7/8/2011 <br />25C-6
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