Agenda - Council - 11/06/1991 - Closed Executive

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Westphal Tract, and the denominator of which shall be the total in-place volume of solid waste to be deposited on the Property. Said payments shall be made at the same time, and after the reduction, as provided in the foregoing provisions of this Paragraph 5. No deductions shall be made from gross revenues for any franchise, income, or gross receipts taxes or for any other tax based upon income of WMMI; provided, however, that gross revenues shall not include any revenues received as a result of the sale of landfill gas (or methane gas or other fuel product derived from landfill gas) generated by decomposing refuse at the Property, and provided further that any tax, fee, or surcharge imposed by federal, state or local governmental authorities upon the disposal of any waste material at the Property shall be deducted from gross revenues prior to the calculation of payments to be made hereunder. In the event that WMMI shall fail to make any payment as hereinabove required within ten (10) days following written notice from the City that said payment has not been timely made, the amount of said payment plus interest thereon at an annual rate of one percent (1%) in excess of the prime rate publicly announced by Norwest Bank, Minneapolis, Minnesota, as of the date of the expiration of said ten (10) day period, commencing upon the expiration of said ten (10) day period and continuing through the date of payment, together with the costs of collection and reasonable attorney's fees, shall be payable. WMMI shall keep, or cause to be kept, full, complete and proper books, records and accounts of the gross revenues received from WMMI's operation of a solid waste disposal facility at the property. Within sixty (60) days following the end of each calendar year, WMMI shall deliver to the City a statement of all gross revenues received on a monthly basis during the preceding - 3 - 6/21/84