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The above described billing process has been utilized for a <br />number of years and is essentially the model used by the <br />construction industry. Notification of management of the <br />need to modify this process for a specific Vendor has proven <br />reasonably successful - as I am certain the future payment <br />of Little Canada utility bills will demonstrate. <br />* During the time frwme in question, TGA operations.increased <br />dramatically and simultaneously suffer a series of unplanned <br />turnovers in our accounting department. <br />* Little Canada appears to have changed the peter reading date <br />from the 15th of the month to the 30th of the month ending <br />the quarter for the quarter ended June 30, 1979. Following <br />this change remittances were almost invariably late. <br />* The City of Little Canada compounded their penalty assessment <br />on at least three different billings. This practice implies <br />an interest rather than penalty assessments. <br />In summary, I believe that TGA is the victim of an unfortunate set <br />of circumstances namely the failure of the payment practices of TGA to <br />synchronize with the billing and collection time table of the City of <br />Little Canada, with no one until recently recognizing the significance <br />of the problem. <br />Given the above set of circumstances and our willingness to comply <br />with the letter of City's regulations in the future, I believe that a <br />settlement on a 18% interest basis or a. program which approximates the <br />same result is both fair and reasonable. <br />Very truly yours, <br />TED GT PSRUD ASSOCIATE&, INC. <br />Stephen Holland <br />Vice President - Finance <br />3 <br />RIVER/kJ <br />MAY 27 1981 <br />CITY OF <br />LITTLE CANADA <br />