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8 <br /> 5. Annual Reports. Reports on the activities in the park may be prepared annually (or as <br /> otherwise needed) for presentation by Durham and/or Orange counties. Any reports prepared <br /> for presentation by one county should be shared with the other county. <br /> III. Park Funding. <br /> l. Annual Operations. All operating and maintenance costs of the Park shall be shared equally <br /> by both counties (Orange County 50% and Durham County 50%). Orange County shall be <br /> responsible for operating and maintaining the Park and shall invoice Durham County twice <br /> annually for 50% of the actual operating and maintenance costs, including building and <br /> grounds maintenance, personnel costs, indirect costs, property insurance and any other costs <br /> incurred to properly operate and maintain the Park. Notwithstanding the foregoing, Durham <br /> County shall not share in the cost to repair damage to the Park and its facilities caused by the <br /> intentional or gross negligent acts and omissions of Orange County personnel or its <br /> contractors in the performance of their obligations rendered pursuant to this Agreement. <br /> Orange County shall not share in the cost to repair damage to the Park and its facilities <br /> caused by the intentional or gross negligent acts and omissions of Durham County personnel <br /> or its contractors in the performance of their obligations rendered pursuant to this Agreement. <br /> In no event shall the amount invoiced exceed the budgeted amount for the Park in the then <br /> current fiscal year. <br /> 2. Emergency Expenses. Amounts budgeted for the Park as part of each county's annual <br /> budget may be increased to cover unforeseen and unbudgeted expenses. Such unforeseen and <br /> unbudgeted expenses shall be invoiced as provided here but only after it is approved by both <br /> County Managers and both Boards as an amendment to the applicable Park budget. Provided, <br /> however, emergency repairs (as defined herein) needed may be undertaken after their cost is <br /> approved in writing by both County Managers. For purposes of this Agreement, the term <br /> "emergency repair(s)" shall mean those repairs made necessary as the result of natural <br /> occurrences that cannot be postponed for approval of a budget amendment by both Boards. <br /> After the costs are approved by the County Managers, both Boards shall be presented with <br /> said emergency repair costs as an amendment to the applicable Park budget at the next <br /> regularly scheduled meeting of each Board. Each county will provide to the other county <br /> detailed accounting of both direct and indirect costs for reconciliation purposes. Insurance <br /> reimbursement for repairs shall be accounted for in the applicable Park budget and made a <br /> part of the reconciliation. <br /> 3. Alternate County Expenses. <br /> a. Single County Expenses. Notwithstanding the foregoing, either county may budget <br /> and/or expend funds for Park activities which the other county will not or cannot <br /> approve, so long as such expenditure or any portion thereof is not invoiced to the <br /> other county for reimbursement or charged against the other county as an <br /> expenditure. Such unshared expenditures shall not be considered a part of the Park <br /> budget and shall not become a cost to be reimbursed. Any such activities financed by <br /> one county must still be an approved as an activity by both counties, and shall be in <br /> accordance with the Master Plan. <br /> Page 4 of 10 <br />