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5 <br />The OHC Program Council shall also review the CHAS each year, prepare the <br />annual one -year action plan and any amendments needed, and present these <br />changes and amendments to each consortium member's elected board for <br />approval and submission to HUD and the State. <br />All consortium members must approve the HOME program design and any CHAS <br />amendments prior to their submission to HUD and the State. <br />C. The County and Towns mutually agree that the County shall act as the Lead Entity <br />in a representative capacity for all members of OHC for the purposes of the Act <br />and as further defined in the State Program Requirements for funding provided <br />directly by the State. <br />D. The County and Towns mutually agree that the County as Lead Entity shall <br />assume overall responsibility for ensuring that the OHC HOME program is carried <br />out in compliance with the requirements of the Act, the Regulations and the State <br />Program Requirements, subject to the limitations contained in Paragraph K of this <br />Section. The Towns agree to assist the County in maintaining compliance with <br />the Act, the Regulations, and the State Program Requirements for the full <br />compliance period, extending to and continuing beyond the expiration of this <br />Agreement. <br />E. If any new entities join OHC, the County as Lead Entity agrees to notify the State <br />in writing and to provide to the State a copy of the authorizing resolution from the <br />new members's governing body and an amendment to this Agreement signed by <br />the chief executive officer of the new member. <br />F. The County and Towns mutually agree that the OHC's HOME program will provide <br />fair and ample opportunity for all members of the consortium to access the funding <br />brought to it in an amount that shall be determined by the State, and that the <br />County and Towns shall be given ample opportunity to comment on and approve <br />the distribution of all funding made available through the OHC. <br />G. The County as Lead Entity will finance the costs of administering the HOME <br />program for OHC to the extent of appropriations. The County shall establish a <br />HOME Investment Trust Fund as specified in 24 CFR Part 92.500 and as required <br />by the State, and will participate in the Cash Management Information System and <br />other accounting and compliance procedures as required by HUD or the State. <br />H. If local matching funds are required by HUD or the State, the County and Towns <br />mutually agree that the matching funds shall be provided in accordance with the <br />following formula: <br />1. Orange County - -42% <br />2. Town of Carrboro - -12% <br />Today's Date: June 23, 1992 3 <br />