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4 <br /> Memorandum of Agreement <br /> Triangle Water Supply Partnership <br /> WHEREAS, the benefits of such planning and collaborative efforts include: <br /> • Improved cooperation between local water utilities and ease of regulatory <br /> oversight; <br /> • Reduced unit costs for projects through economies of scale; <br /> • Increased flexibility and reliability of local water supplies, especially during <br /> droughts and other dynamic events; <br /> • Enhanced ability to comply with federal and state drinking water standards; <br /> • Sustainable use of regional drinking water resources; and <br /> WHEREAS, the parties to this Agreement will maintain local ownership and control of <br /> their water resources, but are committing in this document to collaborate about water <br /> supply planning, cooperation, sustainability, and helping each other through drought or <br /> other emergency events and moving toward a more sustainable future; and <br /> WHEREAS, this Agreement is authorized by North Carolina General Statute (NCGS) <br /> 143-355.8 and/or 160A-20.1. <br /> THEREFORE, BE IT RESOLVED, that the signatories to this Agreement ("Participants" <br /> or"Parties")pledge to work together as part of a Triangle Water Supply Partnership <br /> ("Partnership"), as a regional water supply planning organization as authorized by NCGS <br /> 143-355.8; and, <br /> BE IT FURTHER RESOLVED, that the individual units named as Participants will <br /> collaborate through the Partnership for regional water supply planning, to plan, maintain, <br /> implement and otherwise cooperate in providing long-term, sustainable, safe and secure <br /> regional water supplies for the Triangle Region; and, <br /> BE IT FURTHER RESOLVED, that the Partnership will be guided by the principles of <br /> collaboration, sustainable water supply, environmental stewardship, mutual and <br /> collective benefit, shared responsibility, equal representation, and financial stability, but <br /> such collaboration is not intended and shall not be deemed to constitute a"partnership" as <br /> defined in NCGS Chapter 59. <br /> NOW, THEREFORE, for and in consideration of the recitals and the mutual promises <br /> and covenants contained in this Agreement, the parties agree as follows: <br /> 1) Purpose; Recitals: The purpose of this Agreement is to collaborate in various <br /> activities related to a regional partnership for water supply. The Recitals are true and <br /> are incorporated into this Agreement and further explain the Purpose. <br /> 2) Definitions: In addition to the following defined terms, additional terms are defined <br /> elsewhere in this Agreement. <br /> a) Annual Budget—means the Annual Budget adopted with the 5-Year Project and <br /> Funding Plan. <br /> August 7, 2018 Page 2 of 35 <br />