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3.0 PAYMENT <br /> It is understood by the parties that the terms for payment <br /> for services under this Agreement are as follows: <br /> 3. 1 If bonds or other instruments for financing the <br /> Project are sold, the City will, within 10 days of <br /> the closing of the sale of bonds or other financing <br /> instruments, compensate RMI from the proceeds of such <br /> sale as follows: <br /> a. The City shall reimburse RMI in an amount <br /> equal to RMI ' s documented costs of <br /> performing the services provided pursuant <br /> to this Agreement in accordance with the <br /> rates and charges set forth and presented <br /> as Exhibit 2 to this Agreement, (the <br /> "Reimbursable Costs" ) in an amount not to <br /> exceed $44, 000 ; and <br /> b. The City shall, in addition to payment of <br /> fees set forth in Subsection (a) , <br /> compensate RMI in an amount equal to the <br /> "Formula Fee" , as follows: <br /> .001 X the first $10 million of <br /> the bond, or other instruments sold <br /> .0015 X the next $10 million <br /> .002 X all amounts of bonds or other <br /> instruments sold over $20 million. <br /> 3. 2 The hourly rates established in Exhibit 2 shall be <br /> adjusted January 1 of each year to reflect the change <br /> in RMI ' s rates as officially adopted by RMI ' s board <br /> of directors. Any such change in hourly rates shall <br /> not change the total dollar limit for compensation <br /> set forth in Section 3. 1 . (a) . <br /> -2- <br />