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r <br />B. Budget. <br />On or before December 15, 197, the City will <br />submit to the Authority a proposed budget of income and <br />expenses for its transit operations for the Scheduled Serv- <br />ice for the twelve month period beginning ,lanuary 1, 1976, <br />which budget shall include, among other things, income from <br />all sources, current expenses, and proposed capital expendi- <br />tures. On or before December 15 of each succeeding year, <br />the City will submit to the Authority a proposed budget for <br />the twelve month period beginning on the next January 1. <br />Suct-~ budgets will be subject to the approval. of the Autl-~ority. <br />C. Capital Improvements. <br />For purposes of cost reimbursement, to the extent <br />that routine capital improvements included in the required <br />budget and approved by the Authority are to be used in <br />providing Scheduled Service, they may be included as allow- <br />able costs as provided in Schedule F, as incurred, and any <br />subsidies, grants, or reirbursements therefor from the state <br />or federal governments shall be included in revenues as <br />received by the City. <br />To the extent that major capital improvements are <br />to be used in providing Scheduled Service, the Authority <br />will assume responsibility for providing the local matching <br />funds to obtain federal or state grants for such major <br />capital improve~;ents, or will other;oise prow.ide financing <br />for same pursuant to the provisions of subsection (C)(2) <br />hereunder. The City agrees to cooperate with the Authority <br />in see~.ing to secure federal and state funds available for <br />such improvemcr.ts. <br />-i- <br /> <br />