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15 <br /> Memorandum of Agreement <br /> Triangle Water Supply Partnership <br /> e) Initial Dues: <br /> i) Initial Dues for fiscal year 2019, shown in Exhibit 1, for each Member, are <br /> due the later of 60 days after the effective date of this Agreement, or 60 days <br /> after the Member executes the Agreement. <br /> ii) For new Participants added after Initial Dues for fiscal year 2019 are adopted, <br /> Initial Dues will be based on the date of membership approval and will be the <br /> sum of the Participant's share of 1)the current fiscal year Annual Dues, 2) <br /> previous years' (up to 4 years maximum)Annual Dues for any ongoing <br /> Projects or upcoming Projects for which funding is being collected ahead of <br /> contracting, and 3) any Special Projects Dues for Special Projects in which <br /> that Participant wishes to participate. The exact amount of Initial Dues for a <br /> new Participant will be determined by the Partnership at the time of New <br /> Participant Request approval. New Participant Initial Dues will be allocated <br /> appropriately toward funding for Projects by the Fiscal Agent and taken into <br /> account by the Partnership during development of the following year's Annual <br /> Budget. <br /> f) Final Dues: For any Participant that withdraws, Final Dues will be calculated and <br /> invoiced to the Participant based on unpaid Dues for the current fiscal year and <br /> ongoing Special Projects that include the withdrawing Participant. <br /> g) All Dues payments are non-refundable. <br /> h) Five-year Planning: For the first five years after this Agreement is effective, <br /> Annual Dues are projected to be slightly higher in the first two years to provide <br /> for initial planned Projects; the following three years' Annual Dues are slightly <br /> lower. It is the Participants' intention that future budgets will be planned with the <br /> goal to keep Annual Dues constant during each five-year period; however, <br /> changes to planned Projects may require some variation in Annual Dues within <br /> five-year periods and the actual amount of Annual Dues will be as adopted each <br /> year by the Partnership as part of adoption of the 5-Year Project and Funding <br /> Plan. <br /> 15)Duration,Automatic Renewal,Amendment and Termination: <br /> a) The term of this Agreement shall begin upon the date it is properly authorized and <br /> executed by two Participants (Effective Date) and shall end on June 30, 2028 <br /> (Initial Term End Date). Thereafter, this Agreement shall become binding on <br /> each Participant only after approval and execution of the Agreement by a duly <br /> authorized representative of the Participant. <br /> b) After the Initial Term End Date, the term of this Agreement shall be extended <br /> automatically for a period of five years unless all but one Participant has given <br /> thirty(30) days prior written notice of withdrawal. <br /> c) This Agreement may be terminated by a Super Majority Vote of the Participants. <br /> August 7, 2018 Page 13 of 35 <br />