Time for Payments. The Municipalities shall pay any assessments for operating expenses and capital expenditures within thirty (30) days of the date of such assessment. The Municipalities shall pay twenty-five percent (25%) of their share of the annual budget of the District on or before the 15th day of January and the remainder of their share on or before the 15th day of March in each fiscal year. Payments that are late will be charged interest at the rate of 18% per annum.
Appears in 2 contracts
Sources: Inter Government Agreement, Inter Government Agreement