CENTRAL PARKING SYSTEM, INC. (PARKING GARAGES -2013)

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The Operator shall provide, subject to reimbursement by the City, serially numbered tickets compatible with and for use in operating the parking control equipment provided by the City for monitoring vehicular parking and shall keep a record of said tickets acceptable to the City. B. Accounting Year. For this Agreement, the accounting year shall be January to December. The accounting year shall be maintained throughout the term of the Agreement unless the Contract Administrator approves in writing a different accounting year. Contract Administrator shall approve a change in accounting years only in the event the accounting year in use results in undue hardship for either the Operator or the City and not because of mere convenience or inconvenience. C. Financial Statements. Within ninety (90) days after the end of each accounting year, the Operator shall, at the Operator's sole expense, submit to the City a Statement of Gross Receipts, audited by a Certified Public Accountant, for each accounting year. D. Failure to Submit Financial Statements. In the event Operator fails to submit the financial statements required in paragraph C above by the due date, Contract Administrator may require that Operator pay to the City any and all costs incurred by City to prepare the required financial statement, plus an administrative fee equal to 50% of those costs. E. Audits. All the Operator's books of accounts and records and supporting source documents related to this Agreement or to business operations conducted within or from the Parking Facilities shall be kept and made available at one location within the limits of Orange County, California. The City shall, through its dully authorized agents or representatives, have the right to examine and audit said books of accounts and records and supporting source documents at any and all reasonable times for the purpose of determining the accuracy thereof, and of the monthly statements made and monies received. The City upon request of the Operator and at the City's sole discretion, may authorize the above - referenced books and records and supporting source documents to be kept in a single location outside the limits of Orange County provided the Operator shall agree to pay all expenses, including but not limited to transportation, food, and lodging, necessary for the City to audit said books and records. The frill cost of any audit by the City, as determined by the City, shall be borne by the Operator if either or both of the following conditions exist: The audit reveals an underpayment of more than five percent (5 %)