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• 10. Upon execution of this Agreement, Saint Anthony shall invoice New Brighton for its percentage of all costs incurred prior to contract award, and New Brighton will pay the invoice within thirty days of receipt. 11. After an award by the City of Saint Anthony to the successful bidder on the Project, the City of Saint Anthony shall invoice the City of New Brighton for ninety five (95) percent of the estimated City of New Brighton share in the contract construction and engineering costs for the Project. Payments shall be made to the City of Saint Anthony, in the name of the City of Saint Anthony, by the City of New Brighton for the full amount due stated on the invoices within thirty (30) days of the invoice date. Said estimated City of New Brighton share shall be based on actual contract unit prices applied to the estimated quantities shown in the plans. 12. In the event the City of Saint Anthony Engineer or the City of Saint Anthony's staff determines the need to amend the construction contract with a supplemental agreement or change order which results in an increase in the contract amount for the Project, the City of New Brighton hereby agrees to remit within thirty (30) days of notification by the City of Saint Anthony of said change an amount equal to ninety five (95) percent of the estimated City of New Brighton share as documented in the supplemental agreement or change order. 13. The remainder of the City of New Brighton's share in the contract construction and engineering costs of the Project, including additional costs resulting from supplemental agreements and change orders, will due the City of Saint Anthony upon the completion of the Project and submittal of the City of Saint Anthony Engineer's final estimate for the Project to the City of New Brighton. 14. Upon final payment to the Project contractor by the City of Saint Anthony, any amount remaining as a balance in the deposit account will be returned to the City of New Brighton, within thirty (30) days, on a proportionate basis based on the City of New Brighton's initial deposit amount and the City of New Brighton's final proportionate share of the Project costs. Likewise, any amount due the City of New Brighton as its final payment for the construction costs of the Project within thirty (30) days of receipt of an invoice from the City of Saint Anthony. 15. All City of New Brighton funds deposited with the City of Saint Anthony shall bear interest equal to the 4M Fund rate until paid to the contractor or returned to the City of New Brighton. Saint Anthony shall provide New Brighton a listing of all transactions including deposits, progress payments, interest earned, and balances on a monthly basis or upon request of the New Brighton City Manager. [The remainder of this page is intentionally blank.] 4