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2-3-09 Draft <br /> 3. Provide 50% of the approved operating expenditures annually for the five-year period <br /> beginning July 1, 2009 and terminating on June 30, 2014. Provide 50% of funding <br /> required for emergency expenditures approved by both boards. <br /> 4. Provide the following services to the park during the five-year period: <br /> Police coverage <br /> Water and sewer service(metered usage for restrooms and irrigation) <br /> Operation of the public restrooms associated with the police substation, including <br /> daily cleaning and supplies. <br /> Opening and closing of gated facilities according to park operating hours. <br /> 5. Take over operation of the park at it's own expense beginning July 1,2014. <br /> V. IT IS MUTUALLY AGREED AND UNDERSTOOD BY AND BETWEEN THE <br /> PARTIES THAT: <br /> 1. Emergency Expenses. Amounts budgeted for the Park as part of Hillsborough and Orange <br /> County's annual budget may be increased to cover unforeseen and unbudgeted expenses. <br /> Such unforeseen and unbudgeted expenses shall be invoiced as provided here but only after <br /> both the Town Manager and the County Manager and both Boards approve them as an <br /> amendment to the applicable Park budget. For purposes of this Agreement, the term <br /> "emergency repair(s)" shall mean those repairs made necessary as the result of acts of God <br /> which repairs cannot be postponed for approval of a budget amendment by both Boards. <br /> After the Managers approve the costs, both Boards shall be presented with said emergency <br /> repair costs as an amendment to the applicable Park budget at the next regularly scheduled <br /> Board meeting of each Board. Insurance reimbursement for repairs shall be accounted for in <br /> the applicable Park budget. <br /> 2. Insurance. Both the town and the county will insure their own property. Each parry will <br /> maintain liability insurance. Each party will be added as additional insured to the other's <br /> liability insurance policy for this property and certificates shall be provided. <br /> 3. General Provisions. <br /> a) Relationship of Parties. Hillsborough and Orange County shall not have the <br /> power to bind or obligate the other party. <br /> b) Assignments. This agreement is not assignable by either party without the written <br /> consent of the other. <br /> c) Notices. All notices provided for in this agreement shall be in writing, addressed <br /> to the respective managers. <br /> d) Governing Law. This agreement shall be construed under the provisions of the <br /> law of the State of North Carolina. <br /> Page 3 of 10 <br />