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TRIANGLE AREA WATER SUPPLY MONITORING PROJECT <br /> INTERLOCAL AGREEMENT <br /> C. Maintenance of the Project's financial records and other bookkeeping activities, including the <br /> collection of local funds committed to the Project and payment of contractors; <br /> D. Maintenance of records to ensure compliance with all applicable State statutes and other <br /> rules of fiscal control applicable to local government units; <br /> E. Staff support to the Project Steering Committee, including meeting room facilities, <br /> announcements and minutes; <br /> F. Periodic written and verbal reports of progress toward the Project's overall objectives, as <br /> stated in Section 1 of the July 1,2012 Interlocal Agreement; <br /> G. Liaison between the Committee and its technical consultants regarding any modifications <br /> that may be needed to better meet those objectives; and <br /> H. Other staff support services to assist the Committee in its primary charge of overseeing the <br /> Project's timely execution and insuring the responsible expenditure of public funds. <br /> Section 3. Time of Performance <br /> The services of the Managing Agent will continence on July 1, 2012, and will terminate upon <br /> completion of the Project, or on June 30, 2017, whichever is earlier,unless otherwise extended. <br /> Section 4. Compensation <br /> Upon approval by the Project Steering Committee, payments shall be made to the Managing <br /> Agent from the annual funding support provided by the Participants in the Project. The total <br /> compensation to be paid for services outlined in Section 2 of this Agreement will be $100,000, <br /> payable according to the following schedule: <br /> June 30, 2013: $20,000 <br /> June 30, 2014: $20,000 <br /> June 30, 2015: $20,000 <br /> June 30, 2016: $20,000 <br /> June 30, 2017: $20,000 <br /> Total $100,000 <br /> Section 5. Suspension or Termination <br /> Either parry may suspend or terminate this Agreement upon 60 days written notice in whole or in <br /> part for cause. Cause shall include the following: <br /> A. Ineffective or improper use of funds; <br /> B. Failure to comply with the terms and conditions of this Agreement; and <br /> C. If for any reason the carrying out of this Agreement is rendered impossible or infeasible, <br /> including inability of Participants or any one Participant to provide adequate funding. <br /> If the Committee withholds payment, it shall advise the Managing Agent and specify in writing <br /> the actions that must be taken and a reasonable date for compliance as a condition precedent to <br /> Page 21 of 22 <br />