3.8 Fire Protection Agreement - City of Nisswa

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$962.50 Contract payment due to the City of Nisswa on or before October 1, 2023. $72.50 Firemen's Relief payment due to the Nisswa Firemen's Relief Association on or before April 1, 2023. $72.50 Firemen's Relief payment due to the Nisswa Firemen's Relief Association on or before October 1, 2023. First party agrees that should the actual cost of operating its Fire Department during the calendar year 2023 be less than the money collected for the operation of the Nisswa Fire Department, it will apply 0.72% of the surplus in reducing the sum that Second Party will be required to pay for services if it contracts with first party during the following year. It is understood by all parties that the building rent, sinking fund, Administrative cost and Relief Association payment are fixed expenses andnot subject to adjustment. The sinking fund is the only account that is jointly owned. A contracted Unit of government, if they do not renew their contract shall be entitled to a return equal to the percent of limited market value if they have contracted for five years or more. Areas with less, than five years will receive their percentage or the actual input into the fund, whichever is less. Once an item is purchased, it becomes the property of the City of Nisswa. Property purchased that exceeds the sinking fund will be depreciated at the amount of purchase price plus interest less amount from the Sinking Fund. Second party agrees that should the actual cost of the operation of the Fire Department during the calendar year 2023 exceed the money collected for the operation of the Fire Department, it will pay 0.72% of the shortage in addition to the sum that Second party will be required to pay for fire protection if it contracts with first party during the following contract year. All shortages or surpluses will be adjusted in the Page 2