(B) For property to qualify for the fee as provided in subsection (D)(2):

1. (1) Title to the property must be held by the county or, in the case of a project located in an industrial development park as defined in Section 4-1-170, title may be held by more than one county, provided each county is a member of the industrial development park. Real property transferred to the county must include a legal description and plat of the property.

2. (2) The investment must be a project that is located in a single county or an industrial development park as defined in Section 4-1-170. A project located on a contiguous tract of land in more than one county, but not in an industrial development park, may qualify for the fee if:

   1. (a) the counties agree on the terms of the fee and the distribution of the fee payment;
   2. (b) the minimum millage rate is not lower than the millage rate applicable to the county in which the greatest amount of investment occurs; and
   3. (c) all the counties must be parties to all agreements establishing the terms of the fee.
3. (3) The minimum level of investment must be at least forty-five million dollars and must be invested within the time period provided in subsection (C).

4. (4)

   1. (a) Investment may be made by a business or a combination of businesses, except that each business must invest at least five million dollars at the project.

   2. (b)

      1. (i) The county and the investors and investor affiliates who are part of the inducement agreement may agree that investments by other investor affiliates within the time periods provided in subsection (C)(1) and (2) qualify for the payment regardless of whether or not the investor affiliate was part of the inducement agreement. To qualify for the fee, investor affiliates must be approved specifically by the county and must agree to be bound by agreements with the county relating to the fee; except that investor affiliates need not be bound by agreements, or portions of agreements, to the extent those agreements do not affect the county. Investor affiliates are not bound by agreements or portions of agreements which do affect the county, if the affected county consents not to bind them. Except as otherwise provided in subsection (B)(2), the investments pursuant to this subsection (B)(4)(b) must be at the same project.
      2. (ii) The Department of Revenue must be notified in writing of all investors and investor affiliates that have investments subject to the fee within thirty days after the execution of the lease agreement covering the investment by the investor or investor affiliate. The Department of Revenue may extend the thirty-day period upon written request. Failure to meet this notice requirement does not affect adversely the fee, but a penalty of up to ten thousand dollars a month or portion of a month with the total penalty not to exceed one hundred twenty thousand dollars may be assessed by the Department of Revenue for late notification.
      3. (iii) If, at any time, the investment at the project falls below forty- five million dollars, the investor and investor affiliate no longer qualify for the fee.
      4. (iv) If, at any time, a business no longer has a minimum investment of five million dollars at the project, without regard to depreciation, the investor or investor affiliate no longer qualifies for the fee.
5. (5) Investment for all purposes of this section may include amounts expended by a sponsor or sponsor affiliate as a nonresponsible party in a voluntary cleanup contract on the property pursuant to Article 7, Chapter 56 of Title 44, the Brownfields Voluntary Cleanup Program if the Department of Health and Environmental Control certifies completion of the cleanup. If these amounts equal at least one million dollars, the investment threshold requirement of this chapter is deemed to have been met.

(C)

1. (1) From the end of the property tax year in which the investor and the county execute an inducement agreement, the investor has seven years in which to enter into an initial lease agreement with the county.

2. (2)

   1. (a) From the end of the property tax year in which the investor and the county execute the initial lease agreement, the investor has five years in which to complete its investment for purposes of qualifying for this section. If the investor does not anticipate completing the project within five years, the investor may apply to the county before the end of the five-year period for an extension of time, up to five years, to complete the project. The county's agreement to grant the extension must be in writing, and a copy must be delivered to the Department of Revenue within thirty days of the date the extension was granted.
   2. (b) An extension of the five-year period in which to meet the minimum level of investment is not allowed. If the minimum level of investment is not met within five years, all property covered by the lease agreement or agreements reverts retroactively to the payments required by Section 4-29-60. The difference between the fee actually paid by the investor and the payment due pursuant to Section 4-29-60 is subject to interest, as provided in Section 12-54-25.

   3. (c) Unless property qualifies as replacement property pursuant to a contract provision enacted pursuant to subsection (F)(2), property placed in service after the five-year period, or up to ten years in the case of a project which has received an extension, is not part of the fee agreement pursuant to subsection (D)(2) and is subject to the payments required by Section 4-29-60 if the county has title to:

      1. (i) the property; or
      2. (ii) property taxes, as provided in Chapter 37 of Title 12, if the investor has title to the property.
   4. (d) For purposes of those businesses qualifying under Section 4-29-67(D)(4), the five-year period referred to in this subsection is eight years and the seven-year period is ten years. However, for those businesses which, after qualifying under Section 4-29-67(D)(4), have more than five hundred million dollars in capital invested in this State and employ more than one thousand people in this State, the five-year period referred to in this subsection is ten years, and the ten-year extended period referred to in the previous sentence is fifteen years.
3. (3) The annual fee provided by subsection (D)(2) is available for no more than twenty years. For projects which are completed and placed in service during more than one year, each year's investment may be subject to the fee in subsection (D)(2) for twenty years to a maximum total of twenty- seven years for the fee for a single project which has been granted an extension. For those businesses qualifying under subsection (D)(4), the annual fee is available for no more than thirty years and for those projects placed in service in more than one year the annual fee is available for a maximum of forty years or, for those businesses qualifying for the fifteen- year extended period, forty-five years.
4. (4) During the time period allowed to meet the minimum investment level, the investor annually must inform the appropriate county official of the total amount invested.

(D) The inducement agreement must provide for fee payments, to the extent applicable, as follows:

1. (1)

   1. (a) If title of property is transferred to the county, the property is subject to an annual fee payment as provided in Section 4-29-60 before being placed in service.
   2. (b) If title to undeveloped land is transferred to the county, the undeveloped land is subject to an annual fee payment as provided in Section 4-29-60 before being developed and placed in service. The time during which fee payments are made pursuant to Section 4-29-60 are not part of the maximum periods provided in subsection (C)(2) and (3), and a lease is not an "initial lease agreement" for purposes of this section unless and until the first day of the calendar year for which a fee payment is due pursuant to subsection (D)(2) in connection with the lease.

2. (2) After property qualifying pursuant to subsection (B) is placed in service, an annual fee payment, determined in accordance with one of the following, is due:

   1. (a) an annual payment in an amount not less than the property taxes that would be due on the project if it were taxable, but using:

      1. (i) an assessment ratio of at least six percent, except as provided in subsection (D)(4);
      2. (ii) a fixed millage rate as provided in subsection (G): and
      3. (iii) a fair market value estimate determined by the South Carolina Department of Revenue. The estimate for real property is the original income tax basis for South Carolina income tax purposes without regard to depreciation. However, if real property is constructed for the fee or is purchased in an arms-length transaction, fair market value equals the original income tax basis, otherwise the Department of Revenue shall determine fair market value by appraisal. The estimate for personal property is the original income tax basis for South Carolina income tax purposes, less depreciation allowable for property tax purposes; except that the investor is not entitled to any extraordinary obsolescence;
   2. (b) an annual payment based on an alternative arrangement yielding a net present value of the sum of the fees for the life of the agreement not less than the net present value of the fee schedule as calculated pursuant to subsection (D)(2)(a). Net present value calculations performed pursuant to this subsection must use a discount rate equivalent to the yield in effect for new or existing United States Treasury bonds of similar maturity as published during the month in which the inducement agreement is executed. If no yield is available for the month in which the inducement agreement is executed, the last published yield for the appropriate maturity must be used. If there are no bonds of appropriate maturity available, bonds of different maturities may be averaged to obtain the appropriate maturity; or
   3. (c) an annual payment using a formula that results in a fee not less than the amount required pursuant to subsection (D)(2)(a), except that every fifth year the applicable millage rate may increase or decrease in step with the average actual millage rate applicable in the district where the project is located based on the preceding five-year period.

3. (3) At the conclusion of the payments determined pursuant to items (1) and (2) of this subsection the annual fee payment is equal to the taxes due on the project as if it were taxable. When the property is no longer subject to the fee pursuant to subsection (D)(2), the fee or property taxes must be assessed:

   1. (a) with respect to real property, based on the fair market value as of the latest reassessment date for similar taxable property; and
   2. (b) with respect to personal property, based on the then-depreciated value applicable to the property under the fee, and after that continuing with the South Carolina property tax depreciation schedule.

4. (4)

   1. (a) The assessment ratio must be at least four percent:

      1. (i) in the case of a business investing at least two hundred million dollars, resulting in a total investment of at least four hundred million dollars when added to previous investments, and creating at least two hundred new full-time jobs at the site qualifying for the fee;
      2. (ii) in the case of a business investing at least four hundred million dollars and creating at least two hundred new full-time jobs at a site qualifying for the fee;
      3. (iii) in the case of investments totaling at least four hundred million dollars in a county classified as either least developed or underdeveloped, by a limited liability company or one or more of its members or equity holders, or both of them, if the member or equity holder is creating at least one hundred new full-time jobs, at the site qualifying for the fee, with an annual average salary of at least forty thousand dollars within four years of the date of execution of a millage rate agreement;
      4. (iv) in the case of a business which is investing at least six hundred million dollars in this State; or

      5. (v) in the case of investments totaling at least four hundred million dollars and creating at least two hundred new full-time jobs at the site qualifying for the fee and:

         a. the investment by the investor affiliate is considered necessary and suitable for the operation of the sponsor facility;

         b. the investor affiliate is located contiguous to the investor project;

         c. one hundred percent of the output of the investor affiliate is provided to the investor for the project; and

         d. the investor affiliate is not considered a supplier of manufactured parts or of any value added output of the investor.

      6. (vi) in the case of a business including a corporation, its subsidiaries, and its limited liability company members, that (A) builds a gas-fired combined-cycle power facility and invests at least four hundred million dollars and creates at least twenty-five full-time jobs as defined in Section 12-6-3360(M) at that facility and (B) invests an additional five hundred million dollars in this State.
   2. (b) The new full-time jobs requirement of this item does not apply in the case of a business that paid more than fifty percent of all property taxes actually collected in the county for more than the twenty-five years ending on the date of the agreement.
   3. (c) In an instance in which the governing body of a county, by contractual agreement, has provided for a change in fee-in-lieu of taxes arrangements conditioned on a future legislative enactment, a new enactment does not bind the original parties to the agreement unless the change is ratified by the governing body of the county.
5. (5) Notwithstanding the use of the term "assessment ratio", an investor qualifying pursuant to item (2) or (4) of this subsection may negotiate an inducement agreement with a county using differing assessment ratios for different assessment years covered by the agreement. The lowest assessment ratio allowed is the lowest ratio for which the investor may qualify under this section.

(F) With regard to calculation of the fee provided in subsection (D)(2), the inducement agreement may provide for the disposal of property and the replacement of property subject to the fee as follows:

1. (1) If an investor disposes of property subject to the fee, the fee must be reduced by the amount of the fee applicable to that property. Property is disposed of only when it is scrapped or sold in accordance with the lease agreement. If the investor used any method to compute the fee other than that provided in subsection (D)(2)(a), the fee on the property which was disposed of must be recomputed in accordance with subsection (D)(2)(a) and to the extent the amount that would have been paid pursuant to subsection (D)(2)(a) exceeds the fee actually paid by the investor, the investor must pay the difference with the next fee payment due after the property is disposed of. If the investor used the method provided in subsection (D)(2)(c), the millage rate provided in subsection (D)(2)(c) must be used to calculate the amount which would have been paid pursuant to subsection (D)(2)(a). If there is no provision in the agreement dealing with the disposal of property in accordance with this subsection, the fee remains fixed and no adjustment to the fee is allowed for disposed property.

2. (2) Property placed in service as a replacement for property that is subject to the fee payment may become part of the fee payment as provided in this item:

   1. (a) Replacement property may have a function that differs from the property it is replacing. Replacement property is considered to replace the oldest real or personal property subject to the fee and disposed of in the same property tax year as the replacement property is placed in service. Replacement property qualifies for fee treatment provided in subsection (D)(2) only up to the original income tax basis of fee property it replaces. More than one piece of replacement property may replace a single piece of fee property. To the extent that the income tax basis of the replacement property exceeds the original income tax basis of the property it replaces, the excess amount is subject to payments as provided in Section 4-29-60. Replacement property is entitled to the fee payment for the period of time remaining on the twenty-year fee period for the property it replaces.
   2. (b) The new replacement property that qualifies for the fee provided in subsection (D)(2) is recorded using its income tax basis, and the fee is calculated using the millage rate and assessment ratio provided on the original fee property. The fee payment for replacement property must be based on subsection (D)(2)(a) or (c) if the investor originally used that method, without regard to present value.
   3. (c) To qualify as replacement property, title to the replacement property must be held by the county.

   4. (d) If there is no provision in the inducement agreement dealing with replacement property, any property placed in service after the time period allowed for investments as provided by subsection (C)(2), is subject to the payments required by Section 4-29-60 if the county has title to:

      1. (i) the property; or
      2. (ii) property taxes, as provided in Chapter 37 of Title 12, if the investor has title to the property.

(G)

1. (1) The county and the investor may enter into an agreement to establish the millage rate for purposes of calculating payments pursuant to subsection (D)(2)(a) and the first five years pursuant to subsection (D)(2)(c). This millage rate agreement may be executed at any time up to and including, but not later than, the date of the initial lease agreement. This millage rate agreement may be a separate agreement or may be made a part of either the inducement agreement or the initial lease agreement.
2. (2) The millage rate established pursuant to item (1) of this subsection must be a cumulative property tax millage rate legally levied by or on behalf of all taxing entities within which the subject property is to be located that is applicable during the period beginning on the thirtieth day of June preceding the calendar year in which the millage rate agreement is executed and ending on the date the initial lease agreement is executed. If a millage rate agreement is not executed on or before the date of the initial lease agreement, the millage rate is the cumulative property tax millage rate applicable on the thirtieth day of June preceding the calendar year in which the initial lease agreement is executed.

(H)

1. (1) Upon agreement of the county, investors, and investor affiliates, and except as provided in subsection (H)(2), an inducement agreement, a millage rate agreement, or both, may be amended or terminated and replaced with regard to all matters including, but not limited to, the addition or removal of investors or investor affiliates.
2. (2) An amendment or a replacement of an inducement agreement or millage rate agreement may not be used to change the millage rate, discount rate, assessment ratio, or duration of the agreement; except that an existing inducement agreement that has not been implemented by the execution and delivery of a millage rate agreement or a lease purchase agreement may be amended up to the date of execution and delivery of a millage rate agreement or a lease purchase agreement in the discretion of the governing body.

(I) Investment expenditures incurred by an investor in connection with a project, or relevant phase of a project for those projects completed and placed in service in more than one year, qualify as expenditures subject to the fee in subsection (D)(2), so long as these expenditures are incurred:

1. (1) any time after, or within sixty days before, the county takes action reflecting or identifying the project or proposed project or investment including, but not limited to, the adoption of an inducement or similar resolution by county council; and

2. (2) before the end of the applicable time period for investments referenced in subsection (C)(2) and (3).

   An inducement agreement must be executed within two years after the date on which the county takes action reflecting or identifying the project or proposed project or investment including, but not limited to, the adoption of an inducement or similar resolution by county council; otherwise, only investment expenditures made or incurred by an investor after the date of the inducement agreement in connection with a project qualify as expenditures subject to the fee in subsection (D)(2).

(J)

1. (1) Subject to subsection (K), project investment expenditures incurred within the applicable time period provided in subsection (I) by an investor whose investments are not computed at the level of investment for purposes of subsection (B) or (C) qualify as investment expenditures subject to the fee in subsection (D)(2) if the:

   1. (a) expenditures are part of the original cost of property that is transferred, within the applicable time period provided in subsection (I) to one or more other investors or investor affiliates whose investments are being computed at the level of investment for purposes of subsection (B) or (C); and
   2. (b) property would have qualified for the fee in subsection (D)(2) if it had been initially acquired by the transferee entity instead of the transferor entity.
2. (2) The income tax basis of the property immediately before the transfer must equal the income tax basis of the property immediately after the transfer; except that, to the extent income tax basis of the property immediately after the transfer unintentionally exceeds the income tax basis of the property immediately before the transfer, the excess is subject to payments pursuant to Section 4-29-60.
3. (3) The county must agree to an inclusion in the fee of the property described in subsection (J)(1).

(K)

1. (1) Property previously subject to property taxes in South Carolina does not qualify for the fee except as provided in this subsection:

   1. (a) land, excluding improvements on it, on which a new project is located may qualify for the fee even if it has previously been subject to South Carolina property taxes;
   2. (b) property that has been subject previously to South Carolina property axes, but has never been placed in service in South Carolina, may qualify for the fee; and
   3. (c) property placed in service in South Carolina and subject to South Carolina property taxes that is purchased in a transaction other than between any of the entities specified in Section 267(b) of the Internal Revenue Code, as defined pursuant to Chapter 6 of Title 12 as of the time of the transfer, may qualify for the fee if the investor invests at least an additional forty-five million dollars in the project.
2. (2) Repairs, alterations, or modifications to real or personal property which are not subject to a fee are not eligible for a fee, even if they are capitalized expenditures, except for modifications to existing real property improvements constituting an expansion of the improvements.

(L)

1. (1) For a project not located in an industrial development park as defined in Section 4-1-170, distribution of the fee in lieu of taxes on the project must be made in the same manner and proportion that the millage levied for school and other purposes would be distributed if the property were taxable. For this purpose, the relative proportions must be calculated based on the following procedure: holding constant the millage rate set in subsection (G) and using all tax abatements automatically granted for taxable property, a full schedule of the property taxes that would otherwise have been distributed to each millage-levying entity in the county must be prepared for the life of the agreement, for the maximum time period allowed pursuant to (C)(3). The property taxes that would have been paid on the property if it were owned by the investor to each millage-levying entity as a percentage of the total of the property taxes for all the entities determines each entity's relative shares of each year's fee payment for all subsequent years of the agreement.
2. (2) For a project located in an industrial development park as defined in Section 4-1-170, distribution of the fee in lieu of taxes on the project must be made in the manner provided for by the agreement establishing the industrial development park.
3. (3) A county or municipality or special purpose district that receives and retains revenues from a payment in lieu of taxes may use a portion of this revenue for the purposes outlined in Section 4-29-68 without the requirement of issuing special source revenue bonds or the requirements of Section 4-29-68(A)(4).
4. (4) Misallocations of the distribution of the fee-in-lieu of taxes on the project pursuant to this chapter may be corrected by adjusting later distributions, but these adjustments must be made in the same fiscal year as the misallocations.

(O)

1. (1) An interest in an inducement agreement, millage rate agreement, and lease agreement, and property to which the agreement relates, may be transferred to another entity at any time. Notwithstanding another provision of this chapter, an equity interest in an investor or investor affiliate with an interest in any inducement agreement, millage rate agreement, or lease agreement may be transferred to another entity or person at any time.
2. (2) An investor or investor affiliate may enter into a lending, financing, security, or similar arrangement, or succession of such arrangements, with a financing entity, concerning all or part of a project and may enter into a sale-leaseback arrangement including without limitation, an assignment, a sublease, or similar arrangement, or succession of such arrangements, with one or more financing entities, concerning all or part of a project, regardless of the identity of the income tax owner of the property which is subject to the fee payment pursuant to subsection (D)(2). Even though income tax basis is changed for income tax purposes, neither the original transfer to the financing entity nor the later transfer from the financing entity back to the original investor or investor affiliate pursuant to terms in the sale-leaseback agreement, affects the amount of the fee due.

3. (3) A transfer undertaken with respect to the project to effect a financing authorized by subsection (O) must meet the following requirements:

   1. (a) The Department of Revenue must receive written notification, within sixty days after the transfer, of the identity of each transferee and other information required by the department with the appropriate returns. Failure to meet this notice requirement does not affect adversely the fee, but a penalty up to ten thousand dollars a year or portion of a year up to a maximum penalty of one hundred twenty thousand dollars may be assessed by the department for late notification.

   2. (b) If the financing entity is the income tax owner of property, either:

      1. (i) the financing entity is primarily liable for the fee as to that portion of the project to which the transfer relates with the original transferor remaining secondarily liable for the payment of the fee; or
      2. (ii) the original transferor must agree to continue to be primarily liable for the payment of the fee as to that portion of the project to which the transfer relates.
4. (4) Before an investor may transfer an inducement agreement, millage rate agreement, lease agreement, or the assets subject to the lease agreement, it must obtain the approval of the county with which it entered into the original agreement. That approval is not required in connection with transfers to investor affiliates or other financing-related transfers.

(S)

1. (1) The investor shall file the returns, contracts, and other information that may be required by the Department of Revenue.
2. (2) Fee payments, and returns calculating fee payments, are due at the same time as property tax payments and property tax returns would be due if the property were owned by the investor or investor affiliate obligated to make the fee payments and file such returns.
3. (3) Failure to make a timely fee payment and file required returns results in penalties being assessed as if the payment or return were a property tax payment or return.
4. (4) The Department of Revenue may issue rulings and promulgate regulations necessary or appropriate to carry out the purpose of this section.
5. (5) The provisions of Chapters 4 and 54 of Title 12, applicable to property taxes, apply to this section, and, for purposes of that application, the fee is considered a property tax. Sections 12-54-20, 12-54-80, and 12-54-155 do not apply to this section.
6. (6) Within thirty days of the date of execution of an inducement or lease agreement, a copy of the agreement must be filed with the Department of Revenue and the county auditor and the county assessor for every county in which the project is located. If the project is located in a multicounty park, the agreements must be filed with the auditors and assessors for all counties participating in the multicounty park.
7. (7) The department, for good cause, may allow additional time for filing of returns required under this section. The request for an extension may be granted only if the request is filed with the department on or before the date the return is due. However, the extension must not exceed sixty days from the date the return is due. The department shall develop applicable forms and procedures for handling and processing extension requests. An extension may not be granted to a taxpayer who has been granted an extension for a previous period and has not fulfilled the requirements of the previous period.

(T) Except as otherwise expressly provided in subsection (C)(2), a loss of fee benefits pursuant to this section is prospective only from the date of noncompliance and, subject to subsection (Q), only with respect to that portion of the project to which the noncompliance relates; except that the loss of fee benefits may not result in the recovery from the investor and investor affiliate of fee payments for more than:

1. (1) three years from the date a return concerning the fee is filed for the time period during which the noncompliance occurs. A showing of bad faith noncompliance increases the three-year period to a ten-year period; or
2. (2) ten years if a return is not filed for the time period during which the noncompliance occurs.

(V)

1. (1) Notwithstanding another provision of this section, in the case of a qualified recycling facility the annual fee is available for no more than thirty years, and for those projects constructed or placed in service during a period of more than one year, the annual fee is available for a maximum of thirty-seven years.
2. (2) Notwithstanding another provision of this section, for a qualified recycling facility, the assessment ratio must be at least three percent.
3. (3) Any machinery and equipment foundations, port facilities, or railroad track systems used, or to be used, for a qualified recycling facility is considered tangible personal property.
4. (4) Notwithstanding subsections (F) and (I) of this section, the total costs of all investments made for a qualified recycling facility are eligible for fee payments as provided in this section.
5. (5) For purposes of fees that may be due on undeveloped property for which title has been transferred to the county by or for the owner or operator of a qualified recycling facility, the assessment ratio is three percent.
6. (6) Notwithstanding subsection (D)(2)(b) of this section, in the case of a qualified recycling facility, net present value calculations performed pursuant to that subsection must use a discount rate equivalent to the yield in effect for new or existing United States Treasury bonds of similar maturity as published on any day selected by the investor during the year in which assets are placed into service or in which the inducement agreement is executed.
7. (7) As used in this subsection, "qualified recycling facility" and "investment" have the meaning provided in Section 12-7-1275(A).

(W)

1. (1) All agreements entered into pursuant to this section must include as the first portion of the document a recapitulation of the remaining contents of the document which includes, but is not limited to, the following:

   1. (a) the legal name of each party to the agreement;
   2. (b) the county and street address of the project and property to be subject to the agreement;
   3. (c) the minimum investment agreed upon;
   4. (d) the length and term of the agreement;
   5. (e) the assessment ratio applicable for each year of the agreement;
   6. (f) the millage rate applicable for each year of the agreement;
   7. (g) a schedule showing the amount of the fee and its calculation for each year of the agreement;
   8. (h) a schedule showing the amount to be distributed annually to each of the affected taxing entities;

   9. (i) a statement answering the following questions:

      1. (i) Is the project to be located in a multi-county park formed pursuant to Chapter 29 of Title 4?;
      2. (ii) Is disposal of property subject to the fee allowed?;
      3. (iii) Will special source revenue bonds be issued or credits for infrastructure investment be allowed in connection with this project?;
      4. (iv) Will payment amounts be modified using a net present value calculation?; and
      5. (v) Do replacement property provisions apply?
   10. (j) any other feature or aspect of the agreement which may affect the calculation of subitems (g) and (h) of this item;
   11. (k) a description of the effect upon the schedules required by subitems (g) and (h) of this item of any feature covered by subitems (i) and (j) not reflected in the schedules for subitems (g) and (h);
   12. (l) which party or parties to the agreement are responsible for updating any information contained in the summary document.
2. (2) The auditor shall prepare a bill for each installment of the fee according to the schedule set forth in subitem (1)(g) or as modified pursuant to subitem (1)(j), (k), or (l) and that payment must be distributed to the affected taxing entities according to the schedule in subitem (1)(g) or as modified pursuant to subitem (1)(j), (k), or (l).