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09-08-2004 Council Agenda
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09-08-2004 Council Agenda
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86597 <br />share covered under this Agreement is to the total contract <br />construction cost before any deduction for liquidated damages. <br />ARTICLE IV - PAYMENT BY THE CITY <br />Section A. Estimate and Advancement of the City's Cost Share <br />It is estimated that the City's share of the costs of the contract <br />construction plus the 8 percent construction engineering cost share <br />and the revised storm water drainage system design cost is the sum of <br />$237,317.41 as shown in the attached Preliminary SCHEDULE "I ". Upon <br />award of the construction contract the State shall prepare a Revised <br />SCHEDULE "I" based on construction contract unit prices. <br />After the following conditions have been met, the City shall advance <br />to the Commissioner of Transportation the City's total estimated <br />construction cost share, which does not include the 8 percent <br />construction engineering cost share and the revised storm water <br />drainage system design cost, as shown in the Revised SCHEDULE "I ": <br />1. Execution and approval of this Agreement and the State's <br />transmittal of it to the City along with a copy of the Revised <br />SCHEDULE "I ". <br />2. Receipt by the City of a written request from the State for the <br />advancement of funds. <br />Section B. Final Payment by the City <br />Upon completion and acceptance of the contract construction and upon <br />computation of the final amount due the State's contractor, the State <br />shall prepare a Final SCHEDULE "I" and submit a copy to the City. <br />The Final SCHEDULE "I" shall be based on final quantities, and <br />include all City cost participation construction items and the <br />construction engineering cost share covered under this Agreement. If <br />7 <br />8 <br />
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