Agenda - Council - 01/04/2005 - Special

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Should the County feel, at any time, that these requirements are not being met, the County shall have the right to request replacement of the inspection personnel. DISBURSEMENT OF FUNDS The County shall pay to the City the County's portion of the actual construction costs of each project in the form of an annual payment. The amount of the payment shall be calculated based on the payment the county would have had on the date this aga'eement is signed by the city and the amount of actual eligible construction completed prior to the date the payment is due (see Schedule "A"). This payment shall be made each year lbr thirty years on January 31 of each year. The first payment will be due (1)on January 31, 2006 or (2) within thirty (30) days of receipt of a voucher, containing such information as the County may require, representing that payments have been made by the City on a contract or contracts for the construction of the projects for which the funds are to be used, whichever of (1) or (2) occurs later. The City shall not be entitled to any additional interest on funding to be provided by the County in the event the payment date is after January 31 of any year. The current estimate of the payment amount is $266,070.76 based on an interest rate of 4.5 percent and a principal of $4,334,000. In addition the County will obtain the $247,500 in Federal funds and apply i~ to the BNSF crossing improvement on Sunfish Lake Blvd. (CSAH 57). All funds disbursed by the County or City pursuant to this Agreement shall be disbursed by each entity pursuant to the method provided by law. The County shall be the lead agency on the Sunfish Lake Blvdl (CSAH 57) project. The City shall pay to the County the City's share of the actual constructi°n cost of the work within forty-five days of the receipt of a claim voucher, containing such information as the City may reasonably require, representing that payments have been made for right of way, or on a contract or contracts for the projects outlined in this agreement. 10. CONTRACTS AND PURCHASES All contracts let and purchases made pursuant to this Agreement shall be made by the City in conformance to the State laws. 11. CONTRACTOR INDEMNIFICATION AND INSURANCE A. The City shall include in all of its agreements with its contractors for the design and contract services of the improvements described in Exhibit A, which involve the County highway system provisions requiring that the contractor indemnify and hold harmless the County to the full extent 12