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both Boards must approve the purchase and must approve the manner in <br />which title to the tract is conveyed. <br />5. Park Policies and Re 1„~?u ations. Orange County and Durham County, through their <br />Boards, with ~ input from their respective citizen advisory committees, shall <br />approve all rules, regulations, ordinances, policies, fees, and operational <br />guidelines to be implemented by Orange County and where necessary by Orange <br />County and Durham County in the operation and management of the Park, unless <br />specifically otherwise provided for in this Agreement. The policies and <br />regulations maybe amended from time to time by mutual agreement and approval <br />of the Boards. The policies and regulations shall include, among other things <br />determined appropriate by the Boards, the Park description, naming policies, <br />operational guidelines, fees, collection procedures and maintenance requirements. <br />6. Budget. The Orange and Durham County Managers, or their designees shall meet <br />to consider and make recommendations regarding a Park development budget, an <br />annual budget for the operation of the Park, and a capital budget. The capital <br />budget shall include capital improvements to be made to the Park within the next <br />fiscal year, which shall be presented as capital project ordinances for each <br />County. The recommendations of the Managers. shall be submitted to their <br />respective Boards. The Boards shall each consider such budget recommendations <br />and take such action as deemed appropriate. The failure of the respective Boards <br />to agree upon a development budget, an annual operating budget, or a capital <br />budget for the Park shall be grounds for terminating this Agreement, except as <br />provided in section 7(c), herein. <br />7. Park Funding. <br />a.) All operating and maintenance costs of the Park shall be shared equally by <br />both counties (Orange County 50% and Durham County 50%). Orange <br />County, through its Recreation and Parks Department, shall be responsible <br />for operating and maintaining the Park and shall invoice Durham County <br />twice annually 50% of the actual operating and maintenance costs, <br />including building and grounds maintenance, personnel costs, indirect <br />costs, property insurance and any other costs incurred to properly operate <br />and maintain the Park. Durham County shall not share in the cost to repair <br />damage to the Park and its facilities caused by the intentional or gross <br />negligent acts and omissions of Orange County personnel or its <br />contractors in the performance of their obligations rendered pursuant to <br />this Agreement. In no event shall the amount invoiced exceed the <br />budgeted amount for the Park in the then current fiscal year. Amounts <br />budgeted for the Park as part of each county's annual budget may be <br />increased to cover unforeseen and unbudgeted expense. Such unforeseen <br />and unbudgeted expense shall be invoiced as provided here but only after <br />it is approved by both County Managers and both Boards as an <br />amendment to the applicable Park budget. Provided, however, emergency <br />Page 3 of 8 <br />