Agmt00 San Mateo Library Joint - Laserfiche WebLink

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NOW, THEREFORE, IT IS HEREBY AGREED: 1. PAYMENT OF OPERATING COSTS. ( a) In consideration of the mutual promises and covenants of the Library JP A, the San Mateo County Library Joint Powers Authority ("AUTHORITY") agrees to assume in full COUNTY'S prior obligations under paragraph 6 of Part III of the License Agreement between COUNTY and CITY. The parties therefore agree that paragraph 6 of Part III of the License Agreement is hereby completely superseded by this Agreement as of the effective date of this Agreement. (b) In consideration of the CITY'S obligation to assume responsibility for operation of the Fair Oaks Library, as set forth in the License Agreement, the Library Joint Powers AUTHORITY will contribute funding to the operation of the Fair Oaks Library, as follows. AUTHORITY shall pay a negotiated contribution for 1999/2000 in the amount of $116,445. For FY 2000/2001 through 2001/2002 the base èontribution shall be increased or decreased each fiscal year at the same percentage rate as the change in the AUTHORITY'S property tax revenue from the previous year. Said contributions shall be made from the AUTHORITY to the CITY on a quarterly basis. ( c) The parties agree that COUNTY is hereby relieved of any further obligation under the License Agreement to contribute to the operating costs of the Fair Oaks Library unless such obligation is later assumed in writing by COUNTY'S Board of Supervisors. 2. TERM. The term of this Agreement shall commence upon the execution of this Agreement by all parties and continue in effect through fiscal year 2001/2002. 3. TERMINATION. This Agreement may be terminated for any reason by either party prior to the end of its initial term as set forth in paragraph 2 above, with one year written notice to the other party. However, in the event the Library Joint Powers Agreement is terminated prior to the expiration of this Agreement, this Agreement shall be deemed immediately terminated. -3-