BC 1986 05 19 - Laserfiche WebLink

Home Browse Search

446 (2) Provide accounting and other fiscal control in compliance with accounting procedures stipulated in North Carolina General Statutes Chapter 159. (3) Annually invoice each party for its proportionate share of the financial obligation of the annual budget as established by this agreement. (4) Provide monthly financial reports on all the Park Commission's expenditures and revenue receipts for the previous month and a summary of the year-to-date expenditures and revenue collections. (5) Provide an annual audit of the Park Commission's budget and expenditures as required by the North Carolina Local Government Commission. (6) By March 1st of each year, prepare and submit a proposed budget to each of the parties reflecting the reasonable anticipated expenditures and receipts for Bakers Creek Park during the following fiscal year. Each party's financial officer shall approve the budget in writing by April 1st of each year. SECTION THREE Each party shall appropriate and contribute directly to the Park Commission a proportionate share of the Park Commission's total adopted budget, exclusive of all revenues derived from sources other than appro- priations of the parties, in the following proportions: (1) Cabarrus County - 55% of the annual budget; (2) Rowan County - 25% of the annual budget; (3) City of Kannapolis - 20% of the annual budget SECTION FOUR This agreement is effective upon execution for the fiscal year begin- ning July 1, 1986. SECTION FIVE The term of this agreement shall be for four years beginning July 1, 1986, terminating June 30, 1990, unless renewed as herein provided. This agreement shall renew from and after July 1, 1990, for successive one-year terms unless and until one or more of the parties provides the other party or parties six months advance notice preceding July 1st of any year of its intent to withdraw from this agreement. IN WITNESS THEREOF, that the parties whose endorsement appears hereafter have approved and caused this instrument to be executed by their respective Chairmen and Mayor and attested by their respective Clerks. ATTEST: /s/ Frankie F. Small Clerk (Seal) COUNTY OF CABAILRUS By: /s/ James W. Lentz Chairman, Cabarrus County Board of Commissioners Adopted on 5/19/86, by the Cabarrus County Board of Commissioners ATTEST: COUNTY OF ROWAN By: Clerk (Seal) Chairman, Rowan County Board of Commissioners Adopted on __ , by the Rowan County Board of Commissioners ATTEST: Clerk (Seal) CITY OF KANNAPOLIS By: Mayor, City Council of the City of Kannapolis Adopted on __, by the City Council of the City of Kannapolis