Agenda - Council - 03/22/2005 - Laserfiche WebLink

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Authorized and fully capabl~ of respecting, overseeing and documenting the work in progress. Capable of reading and thorOUghly und~rstandlng the plans, specification and all other pertinent documentation. Authorized to receive instructions from." the Engineer. Should the County feel, at any time, that theseirequirements are not being met, the County shall have the right to request rep~cement of the inspection personnel. DISBURSEMENT OF FUN-Ds The County shall pay to the City the County'S iportion of the actual construction costs of each project in the form of an ann~tml payment, The !amount of the payment shall be calculated based on the payment the county would have had onlhe date this agreement is signed by the city and the amount of actUal eligible construeti0n completed prior to the date the payment is due (see Schedule "A"). This paymen~t shall be made each year for twenty years on January 31 of each year. The first payment will be dUe (1)0n jaaUhry 31, 2006 or (2) within thirty (30) days of receipt of a voucher, containing such iaformation as the County may require, representing that payments have been made bYthe ' City on a contract or contracts for the construction of the projects for which the funds are to be u~ed;whichever of(l) or (2) occurs later. The City shall not be entitled to any additi~al interes~ on funding to be provided by the County in the event the payment date is after JanuaryS31 of an)~ year.!The first payment amount is $266,070.76 based on an interest rate of 4.5 percent interest per year and a principal of $4,334,000 for 30 years, the payment thereafter will be $338,510.26 based °n the balance of $4,262,959.05 after the first payment, at 4.5 percent interest per yea[. over 19 years. In addition the County will obtain the $247,500 in Federal funds and apPly it 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 cfi the Sunfish Lake Blvd. (CSAH 57) project. The City shall pay to the County the City'~ share of the actual construction 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 ithis agreement.