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i <br /> <br /> (.6) By March lst.of ~ach year, prepare and submit a <br /> <br /> proposed budget to each of the parties'reflecting the reasonable <br /> anticipated expenditures and receipts for Bakers Creek Park <br /> during the following fiscal year. Each-party's financial officer <br /> shall approve, the budget in writing by April 1st of each year. <br /> <br /> SECTION THREE <br /> <br /> Each party shall appropriate and contribute directly <br /> <br /> to the Park Commission a'proportionate share of the Park Co~is- <br /> sion's total adopted annual budget, exclusive of all revenues <br /> derived from sources other than apprbpriations of the parties, <br /> in the following proportions: <br /> <br /> (1) Cabarrus County 55% of the annual budget; <br /> <br /> (3) Cit~S6f ~inna~ i ~ ,,m~ IO%~ o f- tS~ afnfu~t-~budgh ~ i ' <br /> <br /> SECTION <br /> <br />.... This agr%%~eh~i~:eff~cti~:upon,exe~u~ion-f-om=tt~ fi~ea~ <br /> <br /> year beginning'~uly~l~.71986.. ..... '" <br /> <br /> SECTION FIVE <br /> <br /> The term.of this agreement'shall'be for four years beginning <br /> July 1, 1986, terminating June 30, 1990, unless renewed as herein <br /> provided. This agreement shall renew from and after July 1, 1990, <br /> for successive one-year terms unless and until one or more of the <br /> parties prdvides the other party or parties six months advance notice <br /> preceding July 1st of any year of its intent to withdraw from this <br /> agreement. <br /> <br /> -3- <br /> <br /> <br />