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r~ <br />repairs (as defined herein) needed may be undertaken after their cost is <br />approved in writing by both County Managers. For purposes of this <br />Agreement, the term °`emergency repairs}" shall mean those repairs made <br />necessary as the result of acts of God which repairs cannot be postponed <br />for approval of a budget amendment by both Boards. After the costs are <br />approved by the County 1~lanagers, both Boards shall be presented with <br />said emergency repair casts as an amendment to the applicable Park <br />budget at the next Board meeting of each Boazd. These approvals must be <br />obtained before the expense is incurred. Each County will provide to the <br />other County detailed accounting of bath direct and indirect costs for <br />reconciliation purposes. Insurance reimbursement for repairs will be <br />accounted for in the applicable Park budget and made a part of the <br />reconciliation. -~ <br />b,} Development costs of the Park shall be shared equally by both counties <br />(orange County Sq% and Durham County SO%). Orange County is <br />responsible for the development of the Park according to the Plan and <br />shall account to Durham County for the development casts approved in <br />the Development budget. <br />c.) Capital costs of the Park shall be shared equally by both counties (Orange <br />County. 50% and Durham. County SO%} and paid as provided in capital <br />project ordinances adopted by Orange County and Durham County. <br />Notwithstanding the foregoing, either County may budget and/or expend <br />funds far capital for the Fark which the other County will not or cannot <br />approve, so Long as such expenditure or any portion thereof is not invoiced <br />to the other County for reimbursement ar charged against the other County <br />as an expenditure. Such unshared expenditures shall z~ot be considered a <br />part of the Park budget and shall not become a cost to be reimbursed in the <br />event of termination. <br />d.} At the end of each fiscal year, the Finance Directors of both Counties shall <br />meet to conduct a review and reconciliation of amounts paid and payable <br />under this Agreement. Such adjustments ar payments as may be necessary <br />to effectuate the reconciliation agreed upon by the Finance Directors of <br />both Counties shall be promptly made. Reconciliation shall be completed <br />prior to October 15 ofeach year. <br />8. Contracts. Orange County shall contract with engineers, consultants, contractors <br />and other parties as necessary to complete park development in accordance with <br />the approved Plan. In ail cases, Orange County will comply with both counties' <br />shared goals of enabling minority-owned firms to participate as contractors and <br />sub-contractors in contracts far the development afthe Plan. Orange County shall <br />also comply with bidding procedures set forth by general statute and shall not <br />exceed budgeted amounts by either County. Durham County agrees that the <br />Page 4 of 8 <br />