5.4. ERMUSR 02-20-2007 - Laserfiche WebLink

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BROOKINGS-TWIN CITIES DEVELOPMENT PROJECT AGREEMENT performance or nonperformance by any party of any agreement for any cause whatsoever. Section 305. Source of Payments. The Participant shall not be required to make any payments to CMMPA under this Agreement except from the revenues and other moneys derived by the Participant from its electric system. The Participant hereby agrees that amounts payable by the Participant under this Agreement shall be paid by the Participant as an operating expense of the Participant's electric system. ARTICLE 4 BUDGET, BILLING AND PAYMENT OBLIGATIONS Section 401. Annual Budget . At least 90 days prior to each Contract Year, CMMPA shall deliver to the Participant an Annual Budget for the Contract Year setting forth the plan for the Development Project and all components of Monthly Development Project Costs and Monthly Development Project Capital Costs, which are set forth in Attachments 4A and 4B. Such Annual Budget shall be based on, among other things, annual budgeting information provided by the Development Manager and CMMPA estimates of other Development Project related costs. Section 402. Billing Statement. On or before the 1st day of each month of each Contract Year or other time period as determined by CMMPA, CMMPA shall prepare and deliver, including by facsimile, email, or other electronic transmission, to the Participant a Billing Statement showing the amount payable by the Participant as the Participant's Election Share of the Monthly Development Project Costs and its Participant's Election Share of Monthly Development Project Capital Costs, as shown in the Annual Budget for such Contract Yeaz or in an amended Annual Budget for the remainder of such Contract Year. CMMPA shall have the right to true-up the monthly Billing Statement to the extent that amounts paid by CMMPA pursuant to the CapX 2020 Development Agreement vary from the costs included therein. CMMPA shall be permitted to issue and collect in a single Billing Statement Monthly Development Project Costs and Monthly Development Project Capital Costs for multiple months including the current month. The amounts shown in the Billing Statement to be paid to CMMPA by the Participant shall be due and payable on the fifteenth day of the month, and any amounts due and not paid by the Participant on or before the close of business on the 15th day of the month shall bear interest until paid at the rate of one and one-half percent (1 %2%) per month. Remittances received by mail will be accepted without assessment of said charges, provided that the postmark indicates that the payment was mailed on or before such day. If the 15th day of the month is a Sunday or other non-business day of the Participant, the next following business day shall be the last day on which payment may be mailed without addition of said charges. C:\Documents and Settingsl8ryan\Local Settings\Temporary Internet Files\OLK531Cap X Brookings 2-12-07 ~ $ clean.doc