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6 <br /> WHEREAS, the Town has historically provided library services to County <br /> residents outside of the Town's corporate limits at no charge and on the same basis as <br /> such services are provided to Town residents in accordance with N.0 General Statute <br /> Sec. 153A-264; and <br /> WHEREAS, the Parties have not previously instituted a formal written agreement <br /> to direct or calculate the County's annual contribution in support of Municipal library <br /> operations; and <br /> WHEREAS, the Parties recognize the mutual benefit and interest of the Parties <br /> hereto, and to the public generally, in the County's continued contribution to the <br /> Municipal Library and in the Town's provision of library services to County residents; <br /> and <br /> WHEREAS, the Parties wish to continue their longstanding relationship under <br /> which the County provides annual funding to the Town for library services to ensure <br /> such services are available at no charge to County residents; and <br /> WHEREAS, the Parties wish, by entering into this Agreement, to establish the <br /> terms whereby future County funding of the Municipal Library shall continue and to <br /> establish a mechanism or formula whereby such funding may be appropriately <br /> calculated; and <br /> WHEREAS, the Parties wish to explore opportunities for cooperative inter-library <br /> services and operability, whereby residents of the Town and the County may have <br /> improved access to library resources provided by both Parties: <br /> NOW, THEREFORE, in consideration of the foregoing and on mutual promises <br /> and obligations set forth herein, the receipt and sufficiency of which is hereby <br /> acknowledged, the parties agree as follows: <br /> 1. TERM <br /> a. This Agreement shall commence January 1, 2012 for the remainder of <br /> the 2011-2012 Fiscal year and shall continue each fiscal year thereafter <br /> through June 30, 2015. <br /> b. This Agreement may be renewed beyond July 1, 2015 upon written <br /> agreement of the Parties. <br /> 2. COUNTY CONTRIBUTIONS TO LIBRARY OPERATING EXPENSES <br /> a. The County contributed to the Town, for general operating expenses of <br /> the Municipal Library, a base sum of Three Hundred Forty-two <br /> Thousand Nine Hundred Eighty-Six dollars ($342,986) for FY 2011 - <br /> 2012. The base sum represents 21% of the total operational costs <br />