Laserfiche WebLink
balanced, as defined above, then 25% of the calculated JEAP will be paid <br />to the City of Irvine in FY 2014115, and the remaining 75% will be paid to <br />the City of Irvine no later than FY 2016/17. This delayed payment, if any, <br />will be paid in addition to calculated JEAPs due and payable in the <br />subsequent fiscal year(s) and shall not include interest. <br />b. The timing of payment for FY 2015/16 will be <br />dependent on the Authority's Adopted Budget. If the General Fund is <br />balanced in the Adopted Budget (operating revenues are equal to, or <br />greater than, operating expenses), then 100% of the calculated JEAP will <br />be paid to the City of Irvine as Identified by the above schedule. If the <br />General Fund is not balanced, as defined above, then 50% of the <br />calculated JEAP will be paid to the City of Irvine in FY 2015/16, and the <br />remaining 50% will be paid to the City no later than FY 2017118. This <br />delayed payment, if any, will be paid in addition to calculated JEAPs due <br />and payable in the subsequent fiscal year(s) and shall not include any <br />interest. <br />(9) Neither Cash Contract Cities nor SFF jurisdictions <br />that are not determined to be Over- Funded SFF Jurisdictions by these <br />calculations shall receive any JEAP, nor will they be required to make additional <br />payments to the Authority due to these calculations. Annual service charges for <br />Cash Contract Cities shall not be increased as a result of the JEAPs paid <br />pursuant to this Section 4. <br />B. Additional Equity Adjustment for SFF Revenue from the City of <br />Irvine. The following calculations and actions shall be performed by the Authority each <br />fiscal year: <br />(1) Beginning with Fiscal Year 2013114, the City of Irvine <br />shall receive an additional JEAP equal to the amount, If any, that the <br />455601.! 7 <br />55GG -13 <br />