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WHEREAS, the COUNTY has agreed to participate in the funding <br />of the economic development programs of the EDC, and the EDC has <br />agreed to provide a program of economic development within the <br />COUNTY in accordance with the terms of this agreement; and <br /> <br /> WHEREAS, the COUNTY, through its Finance Department, desires <br />to undertake the accounting, payroll, purchasing and related fiscal <br />duties of and for the EDC, and the EDC desires for the COUNTY so to <br />do as part of its financial commitment to the EDC, with a separate <br />and segregated trust fund for such purposes. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br />conditions herein contained, and pursuant to the authority <br />contained in the North Carolina General Statutes, the COUNTY and <br />the EDC do hereby contract and agree as follows: <br /> <br /> 1. The EDC agrees to continue to pursue an economic <br />development program for the COUNTY in which it shall: <br /> <br /> (a) Formulate projects for carrying out the <br /> economic development program, through attraction of new <br /> industries, encouragement of existing industries, <br /> encouragement of new business and industrial ventures by <br /> local as well as foreign capital, and other activities of <br /> a similar nature; <br /> <br /> (b) Conduct industrial surveys as needed, advertise <br /> in periodicals or other communications media, furnish <br /> advice and assistance to business and industrial <br /> prospects which may locate in the COUNTY, furnish advice <br /> and assistance to existing businesses and industries, <br /> furnish advice and assistance to persons seeking to <br /> establish new businesses or industries, and engage in <br /> related activities; and <br /> <br /> (c) Encourage the formation of private business <br /> development corporations or associations which may carry <br /> out such projects as securing and preparing sites for <br /> industrial development, constructing industrial <br /> buildings, or rendering financial or managerial <br /> assistance to businesses and industries; and furnish <br /> <br /> 2 <br /> <br /> <br />