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The CITY agrees to bill the STATE for its proportionate share of the traffic <br /> signal maintenance costs on a three-month basis. The amount billed shall be the <br /> actual costs incurred less any third party damage claims received during the <br /> billing period for repair of traffic signals that are the responsibility of the billed <br /> party. Any proposed expenditures in excess of$5,000 for repair of damage to <br /> any single traffic signal installation must be approved by the billed party before <br /> the expenditure is made. The STATE reserves the right to examine the records <br /> of the CITY to determine that costs billed are fully documented. <br /> The STATE agrees to make anangements with the local power company to <br /> furnish the electrical energy for the operation of the traffic signals. The CITY <br /> agrees to pay their proportionate share of this cost as billed by the local power <br /> company. <br /> The STATE retains the right to control the sequence and timing of the traffic <br /> signals. Payment by the STATE of any or all of its share of maintenance and <br /> energy costs is contingent upon the STATE receiving adequate funds in its <br /> annual appropriation. <br /> The parties hereto agree that the traffic signal maintenance and energy <br /> provisions of this Agreement shall remain in effect for a period of twenty (20) <br /> years from the date of its execution or so long as the traffic signals covered by <br /> the terms of this Agreement or any amendment hereto remain in place either in <br /> their current or some modified configuration, whichever, is the shorter period of <br /> time. Such an effective term shall apply unless otherwise agreed in writing by <br /> the parties hereto. <br /> 8. The CITY agrees to provide written approval of that portion of the plans and <br /> specifications relative to the CITY financial and maintenance obligations <br /> described herein, prior to the STATE's advertising for the aforedescribed <br /> proposed improvement. <br /> This AGREEMENT and the covenants contained herein shall be null and void in the <br /> event the contract covering the construction work contemplated herein is not awarded <br /> within the three years subsequent to execution of the agreement. i <br /> -4- <br />