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<br />23 <br /> <br /> <br />Board to approve. The Assessment formula(e) for Principals may be different from the <br />User Fee formula applicable to Subscribers. It is expressly contemplated that Participating <br />Agencies may become subject to differential User Fee formulae (including differential <br />Assessment formula(e)) over time based upon the benefit conferred to such agencies. <br /> e. Payment of Assessments. Assessments shall be payable not less frequently <br />than quarterly on or before such dates as the Governing Board may determine. <br />f. Delinquent Assessments. Snohomish County 911 shall, within seven (7) <br />business days of the due date, send notice to any delinquent Principal and provide a 60-day <br />cure period from the original due date of the payment. If such Assessments, are not paid <br />in full within 60 (sixty) days of the original due date, then the Principal delinquent in <br />payment of Assessments shall upon such 60th day be deemed immediately converted to <br />the status of a Subscriber as described in Section 14. In the event a Principal converted to <br />Subscriber status due to non-payment of fees shall not have paid in full all Assessments <br />owing by six (6) months after the original due date, then the Governing Board may <br />terminate services to such Subscriber, which termination shall not absolve the Subscriber <br />of its obligation to pay all Assessments past due, together with all accrued interest, <br />calculated at 1.5% per month from the date the Assessment was originally due. <br />g. Terms of Subscriber Contracts. Snohomish County 911 may enter into <br />contracts with Subscribers from time to time for the purpose of providing Emergency <br />Communication Services and other services as provided herein. Subscriber contracts may <br />provide for the same or different payment schedules and payment formulas as those which <br />apply to Principals; provided that, a Subscriber which, at the time it determined to become <br />a Subscriber, was qualified to become a Principal but elected not to, shall be subject to <br />payment of a risk premium of not less than six percent of its annual User Fees, or such <br />other greater amount as the Governing Board may determine. Revenues from such risk <br />premium shall be placed in Snohomish County 911 reserves. <br />Subscriber contracts shall provide that User Fees not paid when due by a Subscriber <br />shall begin to accrue interest on the date the User Fee was originally due and shall continue <br />until the User Fee is paid (together with all accrued interest) in full at the Federal Prime <br />Rate plus 3%. Snohomish County 911 shall, within seven (7) business days of the due <br />date, send notice to any delinquent Subscriber. In the event a Subscriber does not pay in <br />full all User Fees plus accrued interest within six (6) months from the date of initial <br />delinquency, the Governing Board may terminate services to such Subscriber. Any such <br />termination shall not absolve the Subscriber of its obligation to pay any amounts owing to <br />Snohomish County 911, including any accrued interest. <br />h. Reserve Funds. The Governing Board shall establish capital and operating <br />reserve funds or accounts at the times and in the amounts necessary to ensure funds are