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WHEREAS, the Parties recognize the mutual benefit and interest ofi the Parties <br />hereto, and to the public generally, iri the County's continued contribution to the Municipal <br />Library and in the Town's provision of library services to County residents; and <br />WHEREAS, the Parties wish to continue their longstanding relationship under which <br />the County provides annual funding to the Town for .library services- to ensure such <br />services are available at no charge to County residents; and <br />WHEREAS, the Parties wish, by entering into this Agreement, tp establish the terms <br />whereby future County funding of the Municipal Library shall; continue and to establish a <br />mechanism or formula whereby such funding may be appropriately calculated; and <br />WHEREAS, the Parties wish- to explore the opportunities for cooperative inter- <br />library services and operability, whereby residents of the Town and the County may have <br />improved access to Ilbrary resources provided by both Parties: <br />NOW, THEREFORE, in consideration of the foregoing and on mutual prorriises and <br />obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, <br />the parties agree as follows: <br />1. TERM <br />a. This Agreement shall commence January 1, 2011 for the 20102011 Fiscal <br />year and-shall continue through-June 30, 2015. <br />b. This Agreement may be renewed beyond July 1, 2015 upon written <br />agreement of the; P:arties_ <br />2. .COUNTY CON-1'RII3UTIONS~TO Lli3'RARY OPERATING EXPENSES <br />a. The County will-contributed to the Town, for general operating expenses of <br />the Municipal Library, a base sum_-ia-tie-amoual--of Two Hundred Fifty <br />Thousand Dollars ($250,000) for FY 2010 - 2011a+~a~ally:. The ~25Q,000 <br />b_Tle..,.Caurify agrees to increase the base sum steal( insi=ease <br />L~`• ' " for Fiscal year 2011-2012. (subject to budget <br />constraints) with a goal of increasing funding allocated to the Town Library <br />as a percentage of what the County spends in the sama_fiscal period for <br />operational costs of the County Library System -The County' annual base <br />sum contribution to the Town Librarv -sum-shall increase L~<---•-__ <br />#er-each fiscal year through June 30, 2015 until the County's contribution to <br />.the Town Librarv equates to 30 % of what the County metals ends <br />annually for operational costs for the County Library System -aat$f <br />'r9pr T~~ - .. . . _ ... Formatted: Font: B°Id, Underline <br />