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"12. Citv's Contribution to City and School <br />Facilities. <br />A. City shall pay School District for all actual <br />costs of design and construction of the City Facility and the <br />School Facility at the Harvest Park site, constructed pursuant to <br />the City approved plans and specifications, in an amount not to <br />exceed three million dollars ($3,000,000.) <br />B. School District shall invoice the City for <br />progress payments for work completed and City may elect to pay the <br />progress payment amount to the School District or may choose to <br />finance any such progress payment as provided herein. The City may <br />make payments at any time, but in no event later than December 31, <br />1994. <br />C. If the City elects to finance any such progress <br />payment, or payments, the amount financed plus interest is due and <br />payable within three years of the first progress payment and in no <br />event no later than December 31, 1994. <br />D. Interest will be calculated using the same <br />method employed by the State of California Local Agency Investment <br />Fund (LAIF). The outstanding amount the City owes the District on <br />each day will be summed for each quarter. This sum is referred to <br />as the "dollar days." Interest will be calculated based on the <br />dollar days multiplied by the LAIF dollar day rate (earnings ratio) <br />for the quarter. See Exhibit A. <br />E. The outstanding balance on any day is the sum of <br />all amounts advanced by the District, less any payments the City <br />has made to the District, plus interest accrued through the last <br />quarter. Interest owed is added to the outstanding balance on the <br />first day of the subsequent quarter. The outstanding amount will <br />be increased for payments the District makes on the day that the <br />District makes the funds available. Payments from the City will be <br />deducted from the outstanding amount on the day the District has <br />access to the funds. <br />F. If the City elects to incur debt to repay the <br />District, the District will cooperate in transferring title to the <br />Gymnasium facilities to the City, if necessary to secure the <br />financing. The City shall transfer title to the Gymnasium <br />facilities to the School District upon retirement of any debt <br />service for the Gymnasium Facilities. Any such transfer of title <br />shall be contingent upon resolving any constraints established by <br />the Education Code and establishing security arrangements which <br />would adequately protect the District in the event the City is <br />unable to make payments on the bonds secured by the gymnasium <br />facility. <br />- 2 - <br />