AG 2007 11 19 - Laserfiche WebLink

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(b) The parties hereto agree to review this Agreement for possible modification of the provisions of Section 2.2(d)(ii)(B) relating to the Maximum County Contribution Amount prior to June 30 in the years 2015, 2023 and 2031. No modification will be made hereunder if there were payments made in the then current fiscal year under the Minimum Assessed Value Agreement. In al] other events, the City and the County agree to negotiate in good faith to reduce the Maximum County Contribution to the extent permitted under the Indenture and to the extent that a feasibility consultant agreed to by both parties certifies is reasonable in light of the history of Incremental Revenues. (c) In addition to other matters addressed hereunder, the City agrees not to increase the size of the Development Financing District without the consent of the County. SECTION 4.8. Effective Date. This Agreement shall not become effective until the date of issuance of any of the Bonds and its delivery by the County after review of the final form of the Indenture. The delivery of an executed copy hereof by the County at the closing of the Bonds shall constitute satisfaction of the requirement of such review. IN WITNESS WHEREOF, the parties hereto have caused this Interlocal Agreement to be duly executed and delivered as of the day and year first above written. CITY OF ICANNAPOLIS, NORTH CAROLINA By: Mayor Attest: City Clerk [Seal] -7- ~~ ~ ~~)