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03/29/2002 14:29 ANOKA CO HWY DPT + 96519822499 <br />• <br />summarized below: <br />NO.505 P03 <br />P:102- 10- 231Documents\Draft Lino Lakes 1PA.doc <br />5. The total estimated cost to the County for the project is <br />1. Traffic Signals System A $ 56,625.00 <br />2. Credit for County construction observation ($17,025.00) <br />3. Construction Administration Services $ 1,132.50 <br />Grand Total Estimated Cost To The County S 40,729.50 <br />C. The total estimated cost to the County for the project is $40,729.50. <br />D. Upon award of the contract, the County shall pay to the City, upon written <br />demand by the City, 95% of its portion of the cost of the project estimated at $38,693.03. <br />The County's share of the cost of the project shall include only construction and <br />construction administration expense and does not include administrative expenses <br />incurred by the City. <br />E. Upon final completion of the project, the County's share of the <br />construction cost will be based upon actual construction costs. If necessary, adjustments <br />to the initial 95% charged will be made in the form of credit or additional charges to the <br />County's share. Additional, the remaining Five Percent (5%) of the County's portion of <br />the construction costs shall be paid to the City upon written demand by the City. <br />IV. TERM <br />This Agreement shall continue until terminated as provided hereinafter. <br />V. DISBURSEMENT OF FUNDS <br />All funds disbursed by the County or City pursuant to this Agreement <br />shall be disbursed by each entity pursuant to the method provided by law. <br />VI. CONTRACTS AND PURCHASES <br />All contracts let and purchases made pursuant to this Agreement shall be <br />made by the City in conformance to the State laws. <br />VII. STRICT ACCOUNTABILITY <br />A strict accounting shall be made of all funds and report of all receipts and <br />disbursements shall be made upon request by either party. <br />VIII. TERMINATION <br />3 <br />