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i budget for Bakers Creek'Park is th6 Cabarrus-Rowan Park Commission, <br /> hereinafter referred to as the "Park Commission." <br /> NOW, THEREFORE, for-g~od and valuable consideration and <br /> upon the premises contained herein, the parties agree as follows: <br /> SECTION ONE <br /> Each of the parties'to this agreement hereby agree to <br /> cooperate in providing park services and facilities for the area <br /> known as Bakers Creek Park during'the term of this agreement. <br /> SECTION TWO <br /> Cabarrus is hereby designated as the lead agency to <br /> effectuate the intent of this agreement and shall do the following: <br /> (1) Act as the Park Commission's purchasing agent for <br /> ~ all p u~eha~eS-=Oa~beha~f~-~uthe ~:Parkc C~mmi~ ~io~ s ~ Ia{~. <br /> <br /> pliance-with acaoUntin~ ~pr ocedqres ~=sDipolated ~,in - Nor th <br /> <br /> Ge~er~]' ~tatait~s-Chapter--L~9 ........ f. <br /> <br /> (3) Annual.l<y.-invoice-each=pa~ty for=its=proportionate-/'_7 ' <br /> share of the financial obligation of the annual.budget as established <br /> by this agreement. <br /> <br /> (4) Provide monthly financial reports on all the Park' <br /> Commission's expenditures and revenue receipts for the previous <br /> month and a summary of the year-to-date expenditures and revenue <br /> collections. <br /> <br /> (5) Provide an annual audit of the Park Comm~ission's <br /> <br /> budget and.expenditures as required by the North Carolina Local <br /> Government Commission. <br /> <br /> -2- <br /> <br /> <br />