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5 <br />shall not exceed $2.5 million. The County will acquire the financing for both <br />the County and the Towns' portion of the cost of the acquisition and <br />installation of the tax billing and collection software and related requirements. <br />b. The County will finance the cost of the tax billing and collection software <br />system in two installments: the first financing installment shall be for $1.5 <br />million over a 64 month period; and the second financing installment, shall <br />occur during fiscal year 2010-2011, for the balance needed to complete the <br />project not to exceed $1 million and financed for a period of 54 to 64 months. <br />c. The County will bill the Towns for their portion of the cost of the acquisition <br />and installation of the software in two yearly installments beginning in fiscal <br />year 2010-2011. <br />d. The County will bill the Towns beginning in fiscal year 2010, and every year <br />thereafter. On June 30th the County will bill the Towns for an interest and <br />principal payment. On November 30th of the same year the County will bill <br />the Towns for an interest only payment. The County will bill the Towns for <br />the cost software system until the Towns' portion of the costs is paid in full. <br />2. The Towns Responsibilities: <br />a. The Towns will pay the County a surcharge toward the purchase and yearly <br />maintenance of the comprehensive software package to support and maintain <br />the collection of tax revenues due to the Towns. <br />b. Each Town will repay the County their portion of the cost of the acquisition <br />and installation of the tax billing and collection software based upon a formula <br />agreed upon by the parties (see attachment A). <br />c. Each Town will repay the County in two yearly payments: on or by July 31St <br />of each year the Towns will pay the County a principal and interest payment <br />and on or by December 31St of each year, the Town will pay an interest only <br />payment, beginning July 31, 2010; <br />d. Each Town will pay a yearly support and maintenance cost which will be <br />determined by staff from all jurisdictions no later than November 30th of each <br />year and approved by the Manager of each jurisdiction. This cost will be in <br />addition to the cost of acquisition and installation of the software. <br />3. The Parties Responsibilities: <br />a. Each party within this ADDENDUM agrees that requested customization of <br />reports or software will be the sole financial responsibility of the requesting <br />entity. <br />