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Section 2. Role.of the Participants to <br />X <br />The primary role of the Participants will be to provide <br />funds for the local portion of Project costs. <br />A.. Local Costs <br />Total local costs for the entire project are estimated <br />to be $766,165, but are subject to change if the Project is <br />modified by the Project Steering Committee as specified in <br />Section 2.B. Local costs will be allocated in proportion to <br />each Participant's annual water production, as identified in <br />Attachment C, and will be determined by the Project Steering <br />Committee on or before the March 1 preceding each local <br />fiscal cycle for which funds are to be budgeted. Annual <br />local costs will be payable on or before June 1 of the <br />fiscal year for which they are budgeted. Payments will be <br />made to the Managing Agent as herein designated. <br />B, . Oversight <br />Project oversight will be the responsibility of a <br />Project Steering Committee (hereinafter referred to as the <br />Committee). The Committee will consist of one member, each <br />entitled to a single vote, appointed by the Manager or <br />Administrator of each Participant, with the following <br />exceptions: <br />1. Or an a County and Hillsborough <br />Orange County and Hillsborough will be represented <br />Jointly by one member appointed upon agreement between <br />the County Manager and Town Administrator. <br />2. Carrboro and Chapel Hill <br />Carrboro and Chapel Hill will be, represented <br />Jointly by one member appointed upon agreement between <br />the two Town Managers. <br />All appointments shall be made by July 31, 1988. <br />The Committee's first meeting shall be convened and <br />chaired by the City of Raleigh's representative, at which <br />time the Committee will select officers from among its <br />members, and may adopt any rules or procedures it deems <br />necessary. <br />The principal charge to the Comittee will be to oversee <br />the Project's timely execution and to ensure the responsible <br />expenditure of public funds. The Committee shall have <br />authority to modify the project's scope of work; to <br />establish an annual budget; to establish annual local costs <br />(subject to local government approval); and, to enter into <br />contracts or agreements for carrying out the Project. The <br />-2- <br />