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246 <br /> <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 /> (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 /> advice and assistance to such corporations or <br /> associations. <br /> 2. In furtherance of its economic development program, EDC <br />may employ full and part-time staff, including a manager or economic <br />developer, a secretary, and other personnel, purchase, rent, or <br />lease an office and furnish the same, and secure the services of <br />accountants, attorneys, consultants, and others. <br /> 3. The EDC is authorized to expend the funds provided by the <br />COUNTY for any or all of the uses and purposes set forth in the <br />budget of the EDC, a copy of which is attached to this Agreement as <br />"Exhibit A" and incorporated herein by reference. <br /> 4. The COUNTY shall allocate and pay to the EDC those funds <br />appropriated to it through the COUNTY's annual budget process in at <br />least monthly payments or more frequently, as agreed upon by COUNTY <br />and EDC. If cash flow allows, COUNTY shall endeavor to fund such <br />obligation during the first quarter of the fiscal year. <br /> 5. As further financial support for the EDC and pursuant to <br />the Local Government Budget and Fiscal Control Act, the COUNTY shall <br />undertake the accounting, payroll, purchasing and related fiscal <br />duties of and for the EDC, with a separate and segregated trust <br />enterprise fund for such purposes. <br /> 6. The EDC agrees to hold the COUNTY harmless for any and all <br />liability, damages or claims, including attorney's fees, that might <br />be asserted or suffered by the COUNTY as a result of any act or <br />omission of any of EDC's officers, employees, agents or <br />representatives arising out of this contract. <br /> 7. This agreement shall be in effect for the period of July <br />1, 1994, through and including June 30, 1995, and shall continue in <br />force and effect and be renewed for each successive twelve (12) <br />month period thereafter for which the COUNTY makes an appropriation <br />to the EDC; provided that either party may terminate this agreement <br />upon ninety (90) days written notice to the other. <br /> IN WITNESS WHEREOF, the parties have caused this Agreement to be <br />executed upon authority duly given. <br /> CABARRUS COUNTY <br /> By: <br /> Cabarrus County Manager <br />ATTEST: <br /> <br /> Clerk <br />(SEAL) <br />Approved as to Form <br /> <br />County Attorney <br /> <br />This instrument has been pre- <br />audited in the manner required by <br />the Local Government Budget and <br />Fiscal Control Act. <br /> <br />County Finance Officer <br /> <br />ATTEST: <br /> <br />THE GREATER CABARRUS COUNTY <br />ECONOMIC DEVELOPMENT CORPORATION <br />By: <br /> <br />President <br /> <br />Secretary <br />(SEAL) <br /> <br /> Exhibit A, the budget for the Economic Development Corporation, is on file <br />in the office of the County Manager and hereby included by reference. <br /> <br /> <br />