R2014-52 ACCEPTING PROPOSAL OF MV TRANSPORTATION, INC. FOR TRANSIT SYSTEM MANAGEMENT

Home Browse Search

CONTRACTOR. Such advisory and technical assistance shall include, but shall not be limited to, those relating to the managerial functions identified in Section 3. 7. COMPENSATION The CITY agrees to pay to CONTRACTOR as compensation for management services rendered pursuant to this Agreement the following sums: PERIOD FEE Year 1: July 1, 2014—June 30, 2015 $10,537.00 per month ($126,444.00 per year) Year 2: July 1, 2015 —June 30, 2016 $ 9,942.42 per month ($119,309.00 per year) Year 3: July 1, 2016—June 30, 2017 $10,244.00 per month ($122,928.00 per year) Year 4: July 1, 2017—June 30, 2018 $10,498.67 per month ($125,984.00 per year) Year 5: July 1, 2018 —June 30, 2019 $10,824.50 per month ($129,894.00 per year) Payment shall be made by the CITY to CONTRACTOR on or before the 15th day following receipt of CONTRACTOR's invoice for that month's management fee on a pro rata basis of the annual fee. In the event this Agreement terminates other than on the last day of a calendar month, the fee due CONTRACTOR shall be prorated on a daily basis. 8. WORKING FUNDS The CITY shall provide the Transit System with adequate working funds which shall be deposited in a"Payroll Account" and other"Special Accounts" as needed,under procedures and controls adopted by the CITY. The ownership of said funds shall remain in the CITY. Such working funds shall be used to pay all wages,payroll taxes,fringe benefits and pension benefit expenses of all personnel of the Transit System, excluding CONTRACTOR's resident management personnel. It is also understood and agreed that the term "pension benefit expenses" shall include all past, present, and future pension or profit sharing plan liability, including without limitation, liability for vested but unfunded or underfunded benefits,payable by the CITY or an account of the Transit System(as constituted in the past, present and/or future). 7