Laserfiche WebLink
07-Dec-1994 D R A F T T H R E E <br />2) Service adjustments that occur after the Fifteenth (15th) day of <br />the month shall be effective as of the First (1st) day of the <br />following month. <br />10. CAPITAL I2~PROVE~iENTS <br />10.1 All capital improvements required for providing the contracted service <br />shall require the prior approval of the Authority and shall be included in the <br />annual budget submitted by the City or when requested by the Authority. <br />10.2 The Authority will assume responsibility for funding capital improvements <br />provided; however, all such major capital improvements shall be owned by the <br />Authority. Such capital improvements shall be identified as property of the <br />Authority. <br />10 3 If the Authority authorizes capital improvements of a fixed nature to the <br />City's bus garage facility or capital improvements that become permanently <br />attached to real property, the City, upon termination or expiration of this <br />Agreement, shall owe the Authority an amount equal to the cost thereof, less <br />reasonable depreciation thereon determined on a straight line basis over the <br />respective life of such improvements or additions in accordance with generally <br />accepted Accounting Principles. The amount due the Authority shall be paid at <br />the time the final audit is completed. <br />10 4 Upon termination of this Agreement, the Authority retains the right of <br />ownership of any capital items which have not become permanently affixed to <br />realty owned by the City of North Olmsted. If the Authority chooses to retain <br />ownership, the Authority shall be responsible for all removal costs. If the <br />City wishes to retain ownership of any capital improvements not permanently <br />affixed to realty owned by the City of North Olmsted, the City shall notify the <br />-12- <br />