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07-Dec-1994 D R A F T T H R E E <br />Authority thirty (30) days prior to the expiration of this Agreement and shall <br />reimburse the Authority an amount equal to the unrealized straight line <br />depreciation of such capital improvement, in accordance with General Acceptable <br />Accounting Principles. The amount due the Authority shall be paid at the time <br />the final audit is completed. If neither party wishes to retain ownership of <br />the capital improvement not affixed to realty owned by the City of North <br />Olmsted, the cost of removal and disposal will be shared equally. <br />11. CF~A7•IZED 2iATERTAi• PIIRCHASE <br />11.1 The City agrees that it shall conduct an inventory of parts on hand as of <br />December 31, 1994 and that such inventory shall be used on a first in, first <br />out basis for the maintenance and repair of vehicles during the term of this <br />agreement. An inventory of parts on hand as of December 31, 1995 and each year <br />thereafter shall be conducted during the term of this Agreement or any <br />extension thereof, and the Authority shall reimburse the City for cost paid by <br />the City for such parts as were used from the inventory on hand as of <br />December 31, 1994. Any obsolete or unused parts identified in the inventory of <br />December 31, 1994 should remain the property of the City upon termination of <br />this Agreement. <br />11 2 The Authority agrees to provide the City with parts necessary for the <br />maintenance and repair of vehicles loaned by the Authority to the City at no <br />additional cost to the City. The City shall be responsible for the pick-up and <br />delivery of such parts. The City reserves the right to procure parts. at any <br />time they are not available through the Authority in accordance with the legal <br />requirements placed on the City with respect to the procurement of such parts. <br />All such procurements shall comply with FTA requirements applicable to the <br />-13- <br />