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separately by the EDC Boazd. All EDC revenues will be used for <br />EDC services only. <br />4. The EDC will have an audit conducted annually by an independent <br />accoundng firm that will include specific information on how <br />funds from participating enrities, including the County, were used. <br />E. The EDC agrees to perform the following "Other buties and Conditions" <br />1. The EDC will provide quarterly reports to thc local governments <br /> contributing funds to support its operation prior to the following <br /> dates: October 30, 2007 and January 31, 2008, April 30, 2008 and <br /> the annual report by August 31, 2008. These reports will include <br /> an overview of actual expenditures during the period, an overview <br /> of the overall economic development climate in Cabarrus County, <br /> descriptions of announced projects in the County by each <br /> jurisdiction, and specific measurements relating to the performance <br /> of the marketing plan. The Annual report will also include a Return <br /> on Investment (ROI) report and audit results. <br />2. All publicadons, materials, computer databases, site and building <br /> inventories or ather information or materials produced as part of <br /> this program, excluding information of a confidential nature <br /> regarding real estate and business identities or reproduction of <br /> custom photography without prior consent of appropriate parties, <br /> may be used by the municipalities and county for other purposes <br /> without additional compensation to the EDC. In addition, the EDC <br /> will furnish or cause to be furnished to the municipalities and <br /> county any such reports, data, studies, plans, specifications, <br /> documents, computer files, and other information created or <br /> : collected by the EDC upon request. The documents so provided <br />~ will remain the property of the municipalifles and county. EDC <br /> agrees that the municipalities and county will not assume any <br /> responsibility for a third party's use of the documents that are <br /> produced. <br />3. The managers of Cabarrus County, Concord, Kannapolis and <br /> Harrisburg will be members of the EDC Board of Directors during <br /> the term of this contract. <br />4. '; T'he EDC shall submit separate invoices to the municipalities for each <br /> quarterly payment. Invoices to the County may be submitted on a <br /> monthly basis. <br />5. : The EDC shall adhere to the Public Records Law and Open Meetings <br /> Law of the State of North Carolina. <br />(lihnrrus C'nunh f 1~ 20U% - I'agc b. <br />~~I ~ <br />