BC 1992 06 01 - Laserfiche WebLink

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563 ($30,653.00), the net amount remaining from the Holt Bequest in a single lump sum. 4. Within ninety (90) days of the end of its current fiscal year and thereafter, within ninety (90) days of the end of any subsequent fiscal year in which the FRIENDS OF THE LIBRARY shall continue to administer all or any portion of the funds of the Holt Bequest, the FRIENDS OF THE LIBRARY shall undergo an audit of its operations conducted by a certified public accountant, and shall submit a copy of the report of this audit to CABARRUS. In addition, in the event that all or any part of the Holt Bequest herein is retained by the FRIENDS OF THE LIBRARY for any fiscal year subsequent to July 1, 1992, for any such fiscal year of the FRIENDS OF THE LIBRARY, the FRIENDS OF THE LIBRARY shall submit to CABARRUS: (a) a report of the activities and programs sponsored by the FRIENDS OF THE LIBRARY with the Holt Bequest funds for the prior fiscal year; and (b) the proposed budget of the FRIENDS OF THE LIBRARY for the expenditure of remaining Holt Bequest funds for the next subsequent fiscal year. 5. In addition to the foregoing, the FRIENDS OF THE LIBRARY hereby recognize and agree: (a) That Holt Bequest funds shall be and remain the property of CABARRUS and that all material items purchased with Holt Bequest funds are and will remain the property of CABARRUS; (b) To establish an account in a financial institution solely for the purpose of deposit of the Holt Bequest funds, and agrees that in administering this account it will not be merged or mingled with the funds of any other financial account of the FRIENDS OF THE LIBRARY: (c) That additional donations may be made to the Holt Bequest funds by groups or individuals; that these donations will be placed in the Holt account, and will become the property of CABARRUS; (d) In the event that the FRIENDS OF THE LIBRARY should cease to exist or in the event that the FRIENDS OF THE LIBRARY should decide that it no longer wishes to serve as custodian of Holt Bequest funds, it is agreed that all remaining Holt Bequest funds shall be returned to CABARRUS: (e) That any proposed expenditure of Holt Bequest funds must be approved ~by the CABARRUS Library Board of Trustees with the recommendation of the Branch Librarian of the Charles Ao Cannon Memorial Library - Kannapolis Branch; and (f) That the Branch Librarian and the FRIENDS OF THE LIBRARY will submit a set of guidelines for the expenditure of Holt Bequest funds to the CABARRUS Library Board of Trustees. These guidelines must be compatible with those stated in the Will of Margaret M. Holt relative to the Holt Bequest. Before any expenditure can be made of the Holt Bequest funds, these guidelines must be approved by the Library Board of Trustees. 6. The FRIENDS OF THE LIBRARY agrees to hold CABARRUS harmless from any and all liability, damages or claims, including attorney's fees, that might be asserted or suffered by CABARRUS as a result of any act or omission by the FRIENDS OF THE LIBRARY, its officers, employees, agents or representatives, arising from or related to the services performed by the FRIENDS OF THE LIBRARY pursuant to this agreement. IN TESTIMONY WHEREOF, the parties have caused this agreement to be duly executed by their authorized officers pursuant to resolutions adopted in accordance with law. ATTEST: /s/ Frankie F. Bonds Clerk CABARRUS COUNTY By: /s/ Carolyn B. Carpenter Chairperson of the Board of County Commissioners FRIENDS OF THE CABARRUS- KANNAPOLIS LIBRARY, INC. By: /s/ Jacquelynn M. Wiggins President ATTEST: /s/ Lallah W. Heath Secretary