Adjustment of Billing. Within 30 days following the submission to IPA of the audit conducted pursuant to Section 5.6 and no later than one hundred fifty (150) days after the end of each Power Supply Year, IPA will submit to Purchaser and the other Purchasers a detailed statement of the actual aggregate Monthly Power Costs with respect to each Purchaser and other amounts payable hereunder, including credits thereto, for all of the Months of such Power Supply Year, and the adjustments of the aggregate Monthly Power Costs and other amounts payable hereunder, if any, for such Power Supply Year or any prior Power Supply Year, based on the annual audit of accounts provided for in Section 5.6. If, on the basis of the statement submitted as provided in this Section 5.7, the actual aggregate Monthly Power Costs and other amounts payable for any Power Supply Year exceed the amount thereof that Purchaser and the other Purchasers have been billed, Purchaser and the other Purchasers shall pay IPA promptly the amount to which IPA is entitled. If, on the basis of the statement submitted pursuant to this Section 5.7, the actual aggregate Monthly Power Costs or other amounts payable for any Power Supply Year are less than the amount thereof that Purchaser and the other Purchasers have been billed and paid, IPA shall credit such excess against Purchaser’s and the other Purchasers’ next monthly payment or payments until such credit has been fully applied. If the failure of Purchaser to make its payments in accordance with this Contract shall have resulted in the application of amounts in any reserve or working fund under any Bond Resolution to the payment of costs payable from such reserve or working fund and the other Purchasers shall have made up the deficiency created by such application or paid additional amounts into such reserve or working fund, amounts thereafter paid to IPA by Purchaser for application to such past due payments, including interest thereon, shall be credited on the Billing Statements of such other Purchasers in the next Month or Months as shall be appropriate.
Adjustment of Billing. On or before 150 days after the end of each Fiscal Year, the Authority shall submit to the Project Participants a detailed statement of (i) the actual Contract Costs, including credits and adjustments thereto, if any, for all of the months of such previous Fiscal Year, and (ii) the maintenance of an operating reserve as permitted in Section 6.7 hereof. If, on the basis of the statement submitted pursuant to this Section 6.9, the Participant’s Contract Share of actual Contract Costs (and amounts, if any, with respect to an operating reserve) for such Fiscal Year exceeds the amounts of the applicable Billing Statements billed to Participant hereunder, then the difference will be billed to Participant and Participant shall promptly pay SCPPA for such adjustment billing. If, on the basis of the statement submitted pursuant to this Section 6.9, the Participant’s Contract Share of actual Contract Costs (and amounts, if any, with respect to an operating reserve) for such Fiscal Year is less than the amounts of the applicable Billing Statements billed to Participant hereunder, then SCPPA shall credit Participant the difference on Participant’s next Billing Statement.
Adjustment of Billing. At the end of each Gas Supply Year, the Authority will determine if the aggregate amount paid by the Member under Sections 501, 502 and 503 hereof, to provide recovery of all the Authority’s costs and budgeted amounts during such Gas Supply Year was in the proper amount. Upon the making of such determination, any amount found to have been paid by the Member under Section 503 hereof in excess of the amount which should have been paid by the Member will be treated as provided in Section 503 hereof. Any amount found to have been paid by the Member under Section 501 or 502 hereof in excess of the amount which should have been paid by the Members will, in the discretion of the Authority, in whole or in part, be credited on the Monthly Billing Statements to the Member for the remaining month or months of the Gas Supply Year next succeeding the Gas Supply Year for which such adjustment was determined to have been necessary. If any deficiency is found to exist in the amount which should have been paid by the Member, ten percent (10%) of such amount will be added to each of the next ten Monthly Billing Statements. In the event that the failure of a Member to pay its share of annual costs in accordance with this contract will have resulted in the application of amounts in any reserve or working fund to the payment of costs payable from such reserve or working fund and the other Members will have made up the deficiency created by such application or paid additional amounts into such reserve or working fund, amounts thereafter paid to the Authority by such nonpaying Member for application to such past due payments will be credited on the Monthly Billing Statements of such other Members in the next month or months as will be appropriate.
Adjustment of Billing. At the end of each Fiscal Year, the Authority shall determine if the aggregate amount paid by each Participant under Section 205 hereof during such Fiscal Year was in an amount which reflects an allocation of actual Annual Project Costs for such Fiscal Year to each Participant in accordance with the terms of this Agreement. A copy of such determination shall be delivered to each Participant. Upon the making of such determination, any amount found to have been paid by any Participant in excess of the amount which should have been paid by such Participant shall be credited on the Billing Statements to each Participant for the remaining month or months of the Fiscal Year next succeeding the Fiscal Year for which such adjustment was determined to have been necessary. In the event any Participant is found to be deficient in the amount which it should have paid, ten percent of the amount of any deficiency shall be added to each of the next ten Billing Statements for the Participant. In the event that the failure of a Participant to pay its Entitlement Share of Annual Project Costs in accordance with this Agreement shall have resulted in the application of amounts in any reserve or working fund under the Bond Resolution to the payment of costs payable from such reserve or working fund and the other Participants shall have made up the deficiency created by such application or paid additional amounts into such reserve or working fund, amounts thereafter paid to the Authority by such nonpaying Participant for application to such past due payments shall be credited on the Billing Statements of such other Participants in the next month or months as shall be appropriate.
