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7 <br /> 3. RESPONSIBILITIES OF TOWNS <br /> a. As provided in Section 1 b. and Section 2 above, the Town of Carrboro is <br /> responsible for fourteen percent (14%) of the total project cost or $1,020,445, <br /> whichever is less, plus any financing costs incurred by the County unless <br /> mutually agreed by both the Town and the County. The Town of Carrboro <br /> shall, within thirty (30) days of receipt of a County generated invoice, pay to <br /> County the Town's respective annual percentage of the total principal and <br /> interest associated with the project. <br /> b. As provided in Section 1c. and Section 2 above, the Town of Chapel Hill is <br /> responsible for forty-three percent (43%) of the total cost $3,134,223, <br /> whichever is less, plus any financing costs incurred by the County unless <br /> agreed mutually by both the Town and the County. The Town of Chapel Hill <br /> shall, upon receipt of a County generated invoice, pay to the County the <br /> Town's respective annual percentage of the total principal and interest costs <br /> associated with the project. <br /> c. The Town of Chapel Hill's funding contribution is for the benefit of low and <br /> moderate income residents, as defined by US Housing and Urban <br /> Development (HUD), residing within the Town's Extraterritorial Jurisdiction <br /> (ETJ). <br /> d. The Towns shall pay its full or agreed upon annual obligation as set out in <br /> this Section 3 within thirty (30) days of receipt of the County's invoice. <br /> 4. RESPONSIBILITIES OF COUNTY <br /> a. The County shall work directly with OWASA to secure engineering and design <br /> services and the Jackson Center to secure community outreach and planning <br /> services. <br /> b. The County is responsible for forty-three percent (43%) of the total cost <br /> reflected in Section 2 above. <br /> c. The County shall invoice the Towns for the specified reimbursement amounts <br /> and/or percentages as shown in Section 3. This invoice will be in the form of a <br /> single invoice upon the conclusion of the services contemplated in Exhibit 1 <br /> and Exhibit 2 and said invoice shall be accompanied by a written statement <br /> indicating those services have concluded. <br /> 5. ENTIRE AGREEMENT <br /> This agreement constitutes the entire Agreement of the Parties hereto and is effective <br /> the date first above recorded. <br /> [Signature Page to Follow] <br />