Common use of Times of Payment of Apportioned Costs Clause in Contracts

Times of Payment of Apportioned Costs. Each member town shall pay its proportionate share of the capital and operating costs to the District each year in four equal installments not later than the fifteenth day of the month in August, December, and February and the first day of June of each year. If a member town does not make payment by the due date, said town shall be liable for the full amount due plus accrued interest, at the Massachusetts Municipal Depository Trust short term bonds rate effective on the date payment was due, times the number of days delinquent, to the District.