AG 2010 11 15 - Laserfiche WebLink

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of this Agreement shall be construed to require either the City or the County to levy taxes at any particular rate of taxation; and the City and the County shall hereafter be free to increase or decrease their respective rates of taxation without regard to this Agreement. SECTION 4.2. Schedule of Payments. There shall be attached to this Agreement as Schedule B a schedule of payments for the Financing. Schedule B shall set forth the annual payment requirements for the Financing (which shall be net of any payment requirements funded from the proceeds of the Financing) for each calendar year which shall be divided between the amount due from the Issuer Contribution Account and the County Contribution Account. Upon any prepayment or defeasance of the Financing that would result in a change in the annual payment requirements, the Issuer shall furnish to the County and the Trustee a revised Schedule B promptly upon any such prepayment or defeasance, which schedule shall demonstrate an allocation of savings or reduction in payments proportionate to the amount of payments being made by the City and County, respectively. Other than as set forth herein, the Issuer will not initiate or consent to any other change respecting the Financing that would affect the payments set forth on Schedule B without the prior written consent of the County. SECTION 4.3. Notices. All notices, demands or requests required or permitted to be given pursuant to this Agreement shall be given in writing and shall be deemed to have been properly given or served and shall be effective upon being deposited in the United States mail, postage prepaid, sent to the respective address as follows: As to the City: City of Kannapolis, North Carolina 246 Oak Ave Kannapolis, NC 28081 Attention: City Manager As to the County: Cabarrus County, North Carolina P.O. Box 707 Concord, NC 28026 Attention: County Manager Any party may, however, at any time, change its address for notification purposes by giving to the other parties a notice in the manner herein provided stating the change and setting forth the new address. SECTION 4.4. Derivative and other Contracts. In the event the City proposes to enter into any derivative or other hedging contract with respect to the Financing, it shall notify the County and offer the County the opportunity to participate or share in any payments made to the City in any such contract in proportion to the total debt service on the Financing of each. If the County chooses not to participate in a derivative or hedging contract the County's obligations under Schedule A shall not be affected. SECTION 4.5. Headings. The headings appearing in this Agreement are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope or intent of any article, section or paragraph of this Agreement. SECTION 4.6. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The signature of any party to any counterpart may be appended to any other counterpart. SECTION 4.7. Modification. (a) No change or modification of, or waiver under, this Agreement shall be valid unless it is in writing and signed by duly authorized representatives of the City and the M G -3 Page 193