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current bi-weekly rate plus $0.30 per residential dwelling unit per <br />month. <br />The City agrees that prices for service will increase each year by two <br />percent or the Consumer Price Index for the Upper Midwest as <br />determined by the Federal Reserve Bank of Minneapolis, whichever <br />is less. The City will notify the Contractor by the last week of <br />December what the compensation rate will be for the subsequent <br />calendar year. <br />2. Method of Pavment to Contractor: Contractor shall submit itemized <br />bills on a monthly basis. Bills submitted shall be paid in the same <br />manner as other claims made to the City. <br />3. Revenue Sharinq: Contractor shall, each quarter, pay the City fifty <br />percent of the net revenue from the sale of the recyclables. Net <br />revenue will be calculated by multiplying the tons of individual <br />material collected by the agreed upon market indices minus the <br />processing fee for each type of recyclable material as determined by <br />the Contractor in its proposal. <br />Each month the Contractor shall calculate the revenue share for all <br />commodities. Those calculations shall be included as part of the <br />Contractor's report to the City. Contractor shall use the following <br />indices in determining the revenue sharing formula: <br />A. Paper grades including newsprint and inserts, <br />magazines, catalogs, and mixed mail shall be: <br />• The Official Board Markets (OBM) Yellow Sheet, <br />Chicago region for Old Newspapers (ONP) # 8, high <br />side of range. <br />B. Old Corrugated Cardboard shall be: <br />� The Official Board Markets (OBM) Yellow Sheet, <br />Chicago region for OCC #'� 1, high side of range. <br />C. Old Boxboarc� shall be: <br />•The Official Board Markets (OBM) Yellow Sheet, <br />Chicago region for Mixed Paper#�, high side of range. <br />D. Telephone books and Wet Strength Cardboard shall <br />be: <br />�G <br />