Operating Reserve Fund. Contributions by the Municipality towards Eligible Operating Expenses that have been matched with a Provincial share Contribution but have not been used to fund incurred Eligible Operating Expenses. i. Any expenditure of monies from the Operating Reserve Fund will only be credited towards shareable Eligible Operating Expenses for the transit system for which it was collected. ii. The Operating Reserve Fund excludes amounts collected from the Municipality on Lease Fees and will not be used toward Lease Fees. iii. The Authority will provide a quarterly statement of account of the reserve balance including contributions, amounts utilized and any interest earned for the Operating Reserve.
Appears in 7 contracts
Samples: Annual Operation Agreement, Annual Operating Agreement, Annual Operating Agreement
