94-180 Ordinance - Laserfiche WebLink

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