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10 <br /> WHEREAS, the Towr� has historically provided Iibrary services to County <br /> residents outside of the Town's corporate limi#s at no charge an� on the same basis as ! <br /> such services are provlded to Town resi�ents in accardance with N,C General Statute � <br /> Sec, 153A-264; and <br /> 1fVHER�AS, the Parties hav� nof pr�viously �nstituted a formal written agreement � <br /> to direct or calcufate the County's annual corttrib�t�on in suppor# of Munici�al li�rary ' <br /> operations; and <br /> WHEREAS, the Par�ies recognize the mutuaf benefit and inter�s� of th� Parties <br /> hereto, and to fhe p�blic genarally, in the County's continu�d cantribution to the E <br /> M�nicipaf Library and i� the Town's provision of library services to County resfden#s; � <br /> and <br /> WH�R�AS, the Par�ies wish �o continue #heir longstanding relatior�ship under <br /> which the Counfy provides annual funding ta #he Taw� for library services to ensure <br /> such senric�s are available af na c�arge ta Coun#y residents; and <br /> WHEREAS, the Par�ies uv�sh, by entering into this Agreement, #o esta�lish fhe <br /> terms wher�by future County f�nding of the Municipal Library shali confinue and to <br /> sstablfsh a mechanism or Forrnula whereby such funding may be appr�priately <br /> calculated; and <br /> WWEREAS, fhe Partl�s wis� to explore op�ortunities far cooperative inter-Iibrary <br /> serv�ces and opera�ility, whereby residents of the Town and t#�e County may ha�e <br /> improve� access to library resources provided by bofh Parties; <br /> NOW, THERE�'QRE, ln consfderatian of the foregoing and on mutuai promises <br /> and obli�ations set farfh herein, fhe recei�t and su�ficiency af wt�ic� �s hereby <br /> acknowledged, f�g part€es agree as foflaws: <br /> 1, T�RM <br /> a. Thfs Agreement s#�all commence January 1, 20�2 for the remainder of <br /> t�te 2a11-2Q12 Fiscal year and shall cor�t�nue each fiscal year thereafter � <br /> thro�gh June 3p, 20'i 5. i <br /> b. T�is Ag�eement may be renewed beyonc� July 1, 2015 upon writtan <br /> agreement of the Partles. <br /> 2. COUNTY CON1'RIBUTIONS TO LIBRARY dP�RATING EXPENSES ; <br /> a. T#�e County contributed ta th� Town, far general operati�g expenses of <br /> tha Municipal Library, a base sum of Thrse Nundred �orty-twa <br /> 7housand Nine Hundre� Eighty-Six Dollars ($342,986} for FY 2d11 - f <br /> 2092. The base sum reprasents 2'I% of the #otal operational costs I. <br /> i <br />