Agenda - 03-16-2010 - 7b - Laserfiche WebLink

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6 40% of the revenue shortfall (not to exceed $60,000 per fiscal year) will be charged to Orange County. 60% of the revenue shortfall (not to exceed $90,000 per fiscal year) will be split proportionally among the remaining Parties as follows: 33 1/3 % to Alamance County 33 1/3 % to Chatham County, and 33 1/3 % to Durham County. It is anticipated that the Parties shall not contribute funds to the Center during Fiscal Year 2010-11. Notice of a revenue shortfall shall be provided by Orange County to the Parties no later than February in any given fiscal year. Orange County shall provide additional information as deemed necessary by any party in order to make a determination of need for financial assistance in the event of a revenue shortfall. The notice cif shortfall shall provide the projected amount each Party is responsible for under this Sectic,n (;. Notice of the actual amount of any revenue shortfall shall be provided to the Parties by June 0'h of any given fiscal year. Funding for expected revenue shortfalls shall be due by July 1 _> of the tolluwing fiscal year. The failure of all Parties to agree on the revenue shortfall and fund the Center inn accordance with the terms of this Agreement shall be grounds for terminating this Agreement. All Parties agree to cooperate in good faith to sustain the operations of the Center t~~r the term of this Agreement. In the event additional parties are added to this Agreement, i}.~e additional party shall be added to the. formula above and share equally in the 60% share of the shortfall. 7. Term The term of this Abrecme.nt shall commence on the date first written above and shall exist and continue until June , U_ ? O 15, t~.nless otherwise terminated as herein provided or extended upon mutual agreement of all Parties, which agreement shall be made in writing and executed with the same formality as this :4~reement. 8. Appointment of Personnel Each Party's respective Manager shall designate the persons to carry out the obligations of that Party under this Agreement. The Orange County Manager shall appoint the Executive Director of the Center with the advice of the Steering Committee. The Executive Director shall be an Orange County employee solely accountable to the Orange County Manager and responsible for carrying out the Center's goals and objectives, the day-to-day management of the Center, and the overall operations of the Center. The Executive Director shall have the full authority and freedom to make all necessary operational decisions and take all necessary actions except those reserved to the Manager. Acting within this authority, the Executive Director shall not perform any act, or allow or cause to be performed any act, that is unlawful, insufficient to meet commonly accepted business and professional standards and the prudent person test, in violation of contractual standards or 4 of 9