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EOUITY INTEREST <br /> <br />-2- <br /> <br />The .C.O.UNTY sha~ retain full title to the land. Each entity will acquire an <br />eqmty interest in the structure and improvements only, and that interest will be <br />proportionate to the entity's total contribution to the principal debt service <br />payment. An entity may withdraw from the agreement before full retirement of <br />the debt only if another participating entity or entities agree(s) to buy out the <br />withdrawing entity's share. Should an entity wish to withdraw after the full <br />retirement of the debt, there will be no buy out provision. <br /> <br />COST SHARING <br /> <br />The cost sharing ratios for the COUNTY and the CITIES will be based on the <br />percentage of live animals handled at the Santa Rita Animal Shelter for each <br />participating entity, as indicated in Attachment A, for the first 12 months of this <br />agreement. The COUNTY intends to issue municipal securities with which to <br />finance the cost of constructing the PROJECT, including all cost of issuance fees <br />and charges related to the PROJECT. The cost sharing allocation (debt service <br />amount) will be adjusted annually based on the percentage of live animals <br />handled for the previous calendar year. The cost sharing ratio will determine the <br />payment of debt service for the PROJECT on an annual basis. Each entity's <br />annual share of debt service shall clearly identify the portion attributable to <br />interest and the share attributable to principal for the purpose of calculating <br />equity interest held by each entity. C,~c~r~mc,,,n~ ~.,,, <br /> <br />PAYMENT <br /> <br />The COUNTY shall bill the CITIES for their share of the debt service payment <br />semi-annually, 60 days prior to the date on 'which the total debt service payment <br />is to be made. CITIES shall pay COUNTY within 30 days of date of billiug. This <br />provision shall not preclude CI2~S from exercising the option of prepaying the <br />entire annual debt service in one lump sum for any given year within the first <br />quarter of the fiscal year. <br /> <br />CONSTRUCTION COSTS <br /> <br />Construction costs include all costs and expenses incurred in connection with the <br />shelter construction, including without limitation, the following: <br /> <br />ae <br /> <br />Payment due to contractors' and subcontractors' for work and services <br />performed including change-order work and payment in settlement or <br />satisfaction of claims and/or judgments. <br /> <br /> <br />