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November 19, 2007 (Regular Meeting) Page 618 (b) With respect to amounts in the Issuer Contribution Account, to repay the appropriate fund of the City for any moneys actually expended on debt service on the Bonds from any sources other than the Incremental Revenues. (c) To the extent permitted under the Indenture or upon the discharge of the Indenture, any balance in the accounts of the Incremental Revenue Fund shall be withdrawn and paid to the City or County, as the case may be, for deposit to the general fund of the City or the County. ARTICLE III THE PUBLIC IMPROVEMENTS SECTION 3.1. Public Improvement List and Priorities. The City and the County acknowledge that the County Contribution is intended to assist in the funding of the Bond Public Improvements. The Bond Public Improvements shown on Schedule A are divided into the following categories: City Improvements and County Improvements and each is assigned a priority for funding. Each of the City and the County may change or alter the priority of funding for a project identified as its Improvement, but may not alter the priority of funding for the other's Improvement. All other changes to the Projects shall be approved by both the City and the County. SECTION 3.2. Ownership of Public Improvements. All Bond Public Improvements shall be owned by the State, one of its agencies or political subdivisions or some other governmental entity or instrumentality. SECTION 3.3. Health Alliance Facility. The City acknowledges that provision of funding for the Health Alliance Facility is a primary concern of the County. Accordingly, the City agrees that it will set aside the sum of $15 million from the initial issue of Bonds to provide funds for the Health Alliance Facility. The City also agrees that it will submit promptly for payment by the Trustee any requisition for costs for the Health Alliance Facility provided by the County and take all action under the Indenture necessary to process any such request. The City and the County agree that the City will have no authority or responsibility for the design and construction of the Health Alliance Facility unless the County requests it to do so. ARTICLE IV MISCELLANEOUS SECTION 4.1. Tax Collections. The County acknowledges that its Department of Tax Administration is responsible for assessment of all property for purposes of taxation and for collection of taxes imposed by the County and the City and serves as the Tax Assessor and the Tax Collector. The County agrees to proceed diligently to collect all taxes due including amounts due under the Minimum Assessment Assessed Value Agreement and to provide for the performance of the duties of the Tax Assessor thereunder as Assessment Agent. SECTION 9.2. Schedule of Payments. There shall be attached to this Agreement as Schedule B a schedule of payments upon each issuance of the Bonds. Schedule B shall set forth the annual payment requirements for the Bonds for each calendar year which shall be divided between the amount due from the Issuer Contribution Account and the County Contribution Account. Upon each issuance -of the Bonds or any Additional Bonds or upon any prepayment or defeasance of Bonds 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 each. SECTION 9.3. 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 296 Oak Ave Kannapolis, NC 28081 Attention: City Manager