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(A) The Commission Responsible to Prepare Construction Plans for Proiect: The Commission shall prepare or have prepared the necessary detailed roadway construction plans for the proposed improvements. The Commission shall also prepare or have prepared any right of way plans but it shall be the City's responsibility to obtain the necessary right of way required to complete the improvements. At the time this agreement was executed no additional right of way was anticipated to complete this project. (B) Project Financing: The COmmission shall use funds received from the City solely for the purpose of paying the costs of constructing the improvements to the interSection of Route 340 and Mount Olive. (C) Advertising for Bids: The Commission shall be responsible for advertising for bids and award of the contract. Prior to advertising for bids, the Commission will notify the City of the current enhancement construction cost estimate. The City must concur with the estimate prior to advertising the project. (D) Construction of Proiect: The Commission shall be responsible for constructing the project in accordance with the plans and specifications. Such responsibility shall include securing any necessary permits for the work. (E) CITY'S RESPONSIBILITY: The City shall finance $24,466.40 of the estimated cost of $122,332.00 to complete the improvements at the intersection of Route 340 and Mount Olive. Within 30 days of the execution of this Agreement the City shall deposit with the Commission the amount of $24,466.40; the amount necessary to complete the improvements. If the City fails to make the herein required deposit, the Commission may cancel this Agreement and terminate the construction project. (F) CITY DEPOSIT: The City's deposit shall be made by a draft made 'payable to the "Missouri Department of Transportation - Local Fund." The City agrees that all funds deposited with the Commission may be commingled with other similar monies deposited from other sources. Any deposit may be invested as allowed for other state funds. All interest monies shall be payable to the fund credited to City based on its pro-rata share of the investment. If the amount deposited with the Commission shall be less than the actual obligation of the City, any interest credited to the City shall be used by the Commission towards fulfillment of the City's obligation. Upon completion and acceptance of said projects, any excess money credited to the City shall be refunded. If the amount deposited with the Commission should be less than the City's actual obligation, City shall, upon request from the Commission, promptly deposit with the Commission that amount necessary to cover the actual costs of the City's portion of the improvement. (7) RIGHT-OF-WAY USE: The City grants the right to use the right-of-way of public roads, streets, and alleys as necessary for construction and maintenance of said public improvement.