R2005-77 ACCEPTING PROPOSAL FIRST TRANSIT, INC.

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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 taYes,fringe benefits and pension benefit expenses of all personnel of the Transit System, excluding FIRST TRANSIT'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). 9. EQLTIPMENT,FACILITIES AND ASSETS The CITY shall furnish, at its expense and without cost to FIRST TRANSIT, the use of all necessary office, garage, parking and storage facilities; transit coaches, vans, trucks and service vehicles; inventory of vehicle parts and supplies; shop and garage equipment; furniture,office equipment,supplies and materials;communication equipment and computer hardware and software;and all other equipment,facilities and assets necessary or appropriate for the operation of the Transit System. All equipment,facilities and assets furnished by the CITY hereunder shall be and shall remain the sole property of the CITY. FIRST TRANSIT shall be held harmless and indemnified by the CITY for the condition of the facility and equipment at the inception of this Agreement, during occupancy and at termination of occupancy. 10. REVENUE Revenue derived from the operation of the Transit System,whether from passengers or from other sources,shall be and shall remain from the initial receipt thereof,the absolute property of the CITY. The handling and treatment of such revenue,including the banking thereof,and the accounting therefor,shall be as directed by the CITY. FIRST TRANSIT,on behalf of the CITY,shall receive,collect and deposit all of the aforesaid revenue collected in its operations in the manner directed by the CITY. FIRST TRANSIT shall keep and maintain the local books and records of the operation of the Transit System in conformity with the requirements,and at the direction of,the CITY. FIRST TRANSIT shall render and certify to the CITY such full and complete monthly or other operating reports and financial statements as the CITY shall reasonably require. 11. TITLE TO PROPERTY All real estate, buildings, equipment, buses, motor vehicles and all materials and supplies furnished by the CITY shall remain the sole property of the CITY. All property of any rype and all equipment, facilities and assets acquired for the operation of the Transit System at the CITY's expense shall be and shall remain the sole property of the CITY. 6