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ARTICLE 3 <br />PAYMENT; PAYMENT ADJUSTMENTS <br />Section 3.1. Payment. <br />City shall pay District according to the following schedule: <br />(1) Year One. Beginning with the effective date of this Agreement, City shall pay to District, <br />as compensation for the services set forth herein, the sum of $168,950.40 for the year, <br />payable in equal monthly installments of $14,079.20 per month for twelve (12) months. <br />(2) Year Two. After the first year, City shall agree to pay to District the sum of $199,583.76 <br />for the year of services, payable in equal monthly installments of $16,631.98 per month for <br />twelve (12) months. <br />(3) Year Three. After the second year, City shall agree to pay District the sum of $230,217.24 <br />for the year, payable in equal monthly installments of $19,184.77 per month for twelve (12) <br />months. <br />(4) Year Four. After the third year, City shall pay to District the sum of $260,850.60 for the <br />year, payable in equal monthly installments of $21,737.55 per month for twelve (12) months. <br />(5) Year Five. After the fourth year, City shall agree to pay District the sum of $291,483.96 for <br />the year, payable in equal monthly installments of $24,290.33 per month for twelve (12) <br />months. <br />(6) Years Six to Thirty: All future monthly payments will be agreed upon in advance by both <br />parties by an Amendment to the Agreement consistent with Section 3.2 below: <br />Section 3.2. Payment Adjustment. <br />Beginning on October 1, 2026, and annually on each October 1St thereafter, including any <br />renewal Term, City shall pay District an amount agreed upon by both parties. District shall submit to <br />the City no later than May 1, 2026, and annually on each May 1St thereafter its proposal for any increases <br />Page 5 of 15 83 <br />