Agenda - 12-13-2011 - 8f - Laserfiche WebLink

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22 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-I 1, -and no Party shall have any obligation to make any payment during fiscal year 2010- 11. Notice of an anticipated 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 oxder to make a determination of need for financial assistance in the event of a revenue shortfall. The notice of anticipated shortfall shall provide the projected amount each Party is responsible for under this Section 6, Notice of the actual amount of any revenue shortfall shall be provided to the Parties by June 1st of any given fiscal year. Funding for revenue shortfalls shall be due by July 15th of the following fiscal year. Such payment shall be made as a reimbursement of expenses incurred by Orange County in addition to their share of shortfalls for the then current fiscal year in which a notice of revenue shortfall is provided, but shall not exceed $30,000 per f scal year, subject to Section 10. Any shortfall payment made shall be reimbursed to the Parties.from profits made in subsequent years. The failure of all Parties to agree on the revenue shortfall and fund the Center in accordance with the terms of this Agreement shall be grounds for terntinating this Agreement. All Parties agree to cooperate in good faith to sustain the operations of the Center for the term of this Agreement. In the event additional parties are added to this Agreement, the 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 Agreement shall commence on the date first written above and shall exist and continue until June 30, 2015, unless 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 Agreement. 8. Appointment of Personnel Each Party's respective Manager shall designate the persons to . 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 4ofI1