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IV. <br />FEES <br />4.1 <br />On or before the effective date of this Agreement (or, <br />in the case of a new Party, on or before the date on which that <br />Party becomes signatary to this Agreement), each Party shall <br />require by ordinance the payment of a fee as a condition of <br />issuance of a building permit within the Area of Benefit, for <br />the purposes of defraying the actual or estimated cost of <br />constructing major thoroughfares and bridges, in accordance <br />with California Government Code Section 66484.3. Said fee <br />shall be in the form, and in those amounts set forth in the <br />"Major Thoroughfare and Bridge Fee Program For the San Joaquin <br />Hills Transportation Corridor and Foothill /Eastern <br />Transportation Corridors," attached hereto as Exhibit "A" and <br />incorporated by reference herein. The imposition of said fee <br />by each Party shall be a condition precedent to that Party's <br />participation in the Agency, and each Party covenants to <br />continue the imposition of such fees as required herein and as <br />required by provisions of any applicable bond indentures. <br />4.2 Annual Review of Fees. <br />At least once annually, the Board shall undertake a <br />review of the above - described fee program and may, upon <br />approval of not less than two thirds (2/3) of its Members, <br />modify the fee to be imposed by the Parties hereto. Each <br />Party shall impose said revised fee within one hundred twenty <br />(120) days, and if a Party fails to impose said fees, repeals <br />the enabling ordinance or fee requirement or otherwise disables <br />itself from the collection and remittance of said fees to the <br />Agency, on the effective date of any such action or upon <br />expiration of the aforementioned time period, whichever is <br />sooner, such action shall be deemed the withdrawal of that <br />Party from the Agency, subject to the conditions specified in <br />Section 9.2 below. <br />4.3 Payment. <br />Each Party agrees to hold said fees in trust for the <br />Agency, and pay said fees to the Agency in quarterly payments, <br />within sixty (60) days after the end of each quarter. <br />-11- <br />