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indicating anticipated expenses in furtherance of the purposes identified in Ordinance NS -1715. <br />Such written documentation shall be approved by the Executive Director of Community <br />Development Agency or his or her designee. Any such advance shall be deducted from BID <br />assessment monies collected and deposited. DTI agrees that such advance shall only apply to the <br />first the $20,000.00 of available fiords and before any subsequent reimbursements can be made, <br />DTI shall sufficiently document such advance by accompanying receipts, purchase invoices, or <br />other permanent evidences of expenditure as may be prudently required by the City in accordance <br />with Generally Accepted Accounting Principles and established City accounting procedures. <br />(g) The City shall allow the DTI to establish a "revolving fund" accoimt in the amount of <br />$20,000 in order to finance the organizations day to day operations. This revolving fund account <br />shall be subject to the constraints of NS -1715 and may be replenished upon presentment of <br />documentation that the fiords in the account have been properly expended. <br />(h) The City shall make all reasonable good -faith efforts to deposit BID assessment <br />monies collected each month by the 15th day of the month following; provided that where the 15th <br />day falls on a weekend, holiday, or other day in which City Hall is closed, then said deposit shall <br />be made the next day City Hall is open. <br />(i) The City shall also deposit monthly an interest payment equivalent to the average <br />amount of the daily balances for the period of the preceding month. <br />Q) The City upon depositing BID assessment monies shall notify DTI by electronic mail <br />of the net amount of monies available for reimbursement to DTI. Failure by DTI to receive or <br />acknowledge electronic mail notification shall not constitute a breach of this Agreement. <br />(k) The City upon receipt of a written request for reimbursement submitted by DTI for <br />documented expenses, shall inspect and examine each request to ensure that all expenses submitted <br />for reimbursement are for the purposes identified in Ordinance NS -1715 and that all expenses <br />submitted are sufficiently documented by accompanying receipts, purchase invoices, or other <br />permanent evidences of expenditure as may be prudently required by the City in accordance with <br />Generally Accepted Accounting Principles and established City accounting procedures. <br />Reimbursement requests shall be approved by the Executive Director of the Cormmunity <br />Development Agency or his or her designee. <br />(1) The amount of any approved reimbursement made by the City shall not exceed the net <br />funds available for such reimbursement. In the event that a reimbursement request submitted by <br />DTI exceeds the balance of available fiords, the City shall prorate the reimbursement accordingly. <br />(m)The City shall make all reasonable good -faith efforts to process reimbursement <br />requests within 15 working days and to issue a reimbursement check for the approved amount or <br />make equivalent electronic payment to DTI. <br />5 <br />