25J - AGMT - BID OPERATING AGMT - Laserfiche WebLink

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indicating anticipated expenses in furtherance of the purposes identified in Ordinance NS -1715. Such written documentation shall be approved by the Executive Director of Community Development Agency or his or her designee. Any such advance shall be deducted from BID assessment monies collected and deposited. DTI agrees that such advance shall only apply to the first the $20,000.00 of available funds and before any subsequent reimbursements can be made, DTI shall sufficiently document such advance by accompanying receipts, purchase invoices, or other permanent evidences of expenditure as may be prudently required by the City in accordance with Generally Accepted Accounting Principles and established City accounting procedures. (g) The City shall allow the DTI to establish a "revolving fund" account in the amount of $20,000 in order to finance the organizations day to day operations. This revolving fund account shall be subject to the constraints of NS -1715 and may be replenished upon presentment of documentation that the funds in the account have been properly expended. (h) The City shall make all reasonable good -faith efforts to deposit BID assessment monies collected each month by the 15a' day of the month following; provided that where the 15a` day falls on a weekend, holiday, or other day in which City Hall is closed, then said deposit shall be made the next day City Hall is open. (i) The City shall also deposit monthly an interest payment equivalent to the average amount of the daily balances for the period of the preceding month. (j) The City upon depositing BID assessment monies shall notify DTI by electronic mail of the net amount of monies available for reimbursement to DTI. Failure by DTI to receive or acknowledge electronic mail notification shall not constitute a breach of this Agreement. (k) The City upon receipt of a written request for reimbursement submitted by DTI for documented expenses, shall inspect and examine each request to ensure that all expenses submitted for reimbursement are for the purposes identified in Ordinance NS -1715 and that all expenses submitted are sufficiently documented by accompanying receipts, purchase invoices, or other permanent evidences of expenditure as may be prudently required by the City in accordance with Generally Accepted Accounting Principles and established City accounting procedures. Reimbursement requests shall be approved by the Executive Director of the Community Development Agency or his or her designee. (1) The amount of any approved reimbursement made by the City shall not exceed the net funds available for such reimbursement. In the event that a reimbursement request submitted by DTI exceeds the balance of available funds, the City shall prorate the reimbursement accordingly. (m)The City shall make all reasonable good -faith efforts to process reimbursement requests within 15 working days and to issue a reimbursement check for the approved amount or make equivalent electronic payment to DTI. 25J -7