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ARTICLE 2 <br />OBLIGATIONS AND FUNDING FROM THE CITY <br />2.1 The City shall pay to the County a sum not to exceed fifty- five - thousand dollars ($55,000 USD) <br />in current funds, which, unless otherwise agreed by the City, shall only be applied to Phase I of the TRZ <br />Study that is the subject of this Agreement. <br />2.2 Under no circumstances will the City be held liable for any amount exceeding fifty -five- <br />thousand dollars ($55,000 USD) for Phase I of the TRZ Study. Said monies shall be paid out of current <br />funds and shall be due in one lump -sum, cash payment from the City within forty five (45) days of the <br />execution of this Interlocal Funding Agreement. The City agrees that it will not assert or claim against <br />any credit contractually or otherwise believed to be owed by the County as a substitution for the lump- <br />sum, cash payment cited in this Section. <br />2.3 The Parties agree that the terms and conditions of this Interlocal Funding Agreement shall not <br />obligate the City to participate financially in subsequent phases of the TRZ Study, planning of the <br />Project, or construction of the Project. <br />ARTICLE 3 <br />OBLIGATIONS OF THE COUNTY <br />3.1 The County agrees to utilize the funds it receives under this Agreement to pay for expenses <br />related to the completion of Phase I of the TRZ Study and in compliance with all the terms and <br />conditions specified in this Agreement. <br />3.2 The County shall pursue the steps necessary to achieve substantial completion Phase I of the <br />TRZ Study with reasonable diligence. <br />3.3 During the Term of this Agreement, the County (through its contractor, Prime Strategies) shall <br />provide to the City quarterly written reports outlining the status of TRZ Study. An estimated schedule <br />including tasks and timeframes to be performed is attached hereto as Exhibit "A" ( "Schedule "). <br />ARTICLE 4 <br />TERM AND TIME OF PERFORMANCE <br />The effective date of this agreement shall be the date last executed by the Parties, below (the <br />"Effective Date "). The term of the Agreement shall continue from the Effective Date until completion of <br />Phase I of the TRZ Study. The obligations of the Parties shall continue during the Term. <br />ILFA - RR12 @01dKy1eRd Page 2 <br />