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EGOS 19 PAGE nc J <br />1. Lee County agrees to transfer to a special revenue fund to be designated as the <br />Airport Reserve Fund the total annual amount of personal property tax <br />collected for personal property located at the airport during each fiscal year. <br />First priority in the use of said funds will be for operation and maintenance of <br />the airport and for airport capital projects. Excess funds may be used for <br />public purposes that benefit both the City and County. <br />2. The Sanford-Lee County Airport Authority shall use said revenue to operate <br />the airport for the benefit of both Lee County and the City of Sanford, and the <br />Airport Authority shall submit an annual budget request to the Board of <br />Commissioners in keeping with the budgetary schedule as established for Lee <br />County. <br />3. Any unexpected expenses that may occur, which exceed the resources of the <br />Airport Authority, shall continue to be paid by Lee County and the City of <br />Sanford in equal proportions (50-50). <br />4. In the event the Sanford-Lee County Regional Airport Authority is successful <br />in securing grant funds for projects which have been approved by the City <br />Council and the Board of County Commissioners, both entities agree to fund <br />the required local match in equal proportions (50-50). <br />IN WITNESS WHEREOF, and as the duly authorized act of the governing <br />bodies, the parties hereto have caused this instrument to be signed in their respective <br />names by their proper officials and to be attested by their respective Clerks the day and <br />year first above written. <br />LEE COUNTY <br />By: t <br />Herbert A. Hineks, u, - Chairman <br />-AT`fES`f: <br />";rte; r~.l <br />Ua6111e11_Lee, Clerk to'the Board of County Commissioners <br />CIT OF SANFO <br />By: <br />Winston C. Hester, Mayor <br />ATTEST: <br />Bonnie D. White, City Clerk <br />