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P, <br /> 2. This contractual arrangement shall begin on the first day of January, <br /> 1983, and shall exist and continue until December 31 , 1983, whereupon <br /> the County has the option to renew after satisfactory review, and that <br /> such1review and option to renew by the County be done sixty days prior <br /> l <br /> to th' end of the contract period. Further, the County may, at any <br /> time, upon 60 days notice, terminate this contract. <br /> 3. The p rties hereto agree that the programs to be conducted hereunder <br /> shall be as set forth in the Administrative Plan attached hereto as <br /> Exhibit A and B except that any provisions set forth in this contract <br /> that are more stringent than those contained in Exhibits A and B shall <br /> supersede those provisions in Exhibits A and B. <br /> 4. The County will be responsible for preparing and submitting the quarterly <br /> letter of credit requisition to HUD U form 66 <br /> 1 eq (HUD rm 62 3}. <br /> 5. Attached are the Authority's budgets for the Section 8 Existing and <br /> Secti In 8 Moderate Rehabilitation Programs (Exhibit C). Any amendment <br /> to the budget will require approval by the Orange County Board of <br /> Commis loners. <br /> 6. The Authority shall make monthly financial reports to the Orange County <br /> Manager as to the receipt and disbursement of funds for the Orange County <br /> Housing Assistance Payments Program'. <br /> 7. The Authority shall complete an inventory of all fixed assets (any piece <br /> of equipment and furniture or similar item with a value of$100 or more <br /> and a useful life of one year or more) acquired with Orange County <br /> Housing Assistance Payments Program funds by March 31 , 1983, and furnish <br /> a copyko the County Manager, Any changes in this inventory shall be <br /> I <br /> recorded and a copy of these changes provided to the County Manzo., <br />