Common use of Maintenance Amount Clause in Contracts

Maintenance Amount. Beginning on the first quarter following the Effective Date and continuing through June 30, 2030, an amount calculated by multiplying the total taxable assessable value of property within the District by $0.00001 (an additional $0.01 per thousand of taxable assessed value), to be allocated by the City for major fire station maintenance and repairs as approved by the District Executive Director and the City Manager, and accounted for in the Fire/EMS Fund described below. On or before December 31, 2029, the City and District will meet to determine whether this amount should continue, and will execute an amendment to this Agreement extending or modifying this amount if agreed to by the Parties. Following termination of this Agreement, any unused amounts collected hereunder shall be held and used for capital improvements to District facilities at the discretion of the District Executive Director.