5.4. ERMUSR 02-20-2007 - Laserfiche WebLink

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BROOKINGS-TWIN CITIES DEVELOPMENT PROJECT AGREEMENT Section 403. Billing Adjustments. (a) On or before one hundred twenty days after the end of each Contract Year, CMMPA shall submit to the Participant a statement of the actual aggregate Monthly Development Project Costs and Monthly Development Capital Costs for such Contract Year. If the actual aggregate Monthly Development Project Costs, Monthly Development Project Capital Costs, and any other amounts payable for such Contract Year exceed the amounts on the basis of which the Participant has been billed, the deficiency shall be added to the next succeeding Billing Statement or at CMMPA's discretion spread over the remainder of the then current Contract Year. If the actual aggregate Monthly Development Project Costs, Monthly Development Project Capital Costs, or other amounts payable for such Contract Year are less than the amounts on the basis of which the Participant has been billed, CMMPA shall credit such balance on the next succeeding Billing Statement, or by agreement of the Participant and CMMPA on the Billing Statements delivered to the Participant for the remainder of the then current Contract Year. (b) CMMPA shall apply, as a credit against Monthly Development Project Costs and Monthly Development Project Capital Costs, all available receipts, revenues and other moneys received by it from insurance proceeds, the sale of surplus Project equipment, materials and supplies, interest earned on investments if and to the extent not credited against the Costs of Acquisition and Construction and any other moneys to be credited thereto under the Bond Resolution or Project Agreements. Section 404. Billing Disputes. (a) Except as set forth below in paragraph (b) of this Section 404, the Participant shall not have the right to challenge any Billing Statement or other bill, invoice or statement rendered by CMMPA, invoke arbitration of the same or bring any court or administrative action of any kind questioning the propriety of the same after a period of twenty-four months from the date of rendering. In the case of a Billing Statement or other bill, invoice or statement containing estimates, the Participant shall not have the right to challenge its accuracy after a period of twenty-four months from the date of its adjustment to reflect the actual amounts due. (b) In the event of any dispute as to any portion of any Billing Statement (including its reasonableness or appropriateness), the Participant shall nevertheless pay the full amount of the disputed charges when due and shall give written notice of the dispute (other than any dispute based upon information not reasonably available to the Participant at the time required to give notice under this paragraph (b)) to CMMPA not later than the date such payment is due. Such notice shall identify the amount in dispute and set forth a full statement of grounds on which such dispute is based. No adjustment shall be considered or made for disputed charges unless notice is given, as C:\Documents and Settings\Bryan\Local Settings\Temporary Internet Files\OLK53\Cap X Brookings 2-12-07 ~ 9 clean.doc