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NORTH CAROLINA <br /> <br />CABARRUS COUNTY <br /> <br />AGREEMENT FOR THE <br />OPERATION AND MAINTENANCE <br />OF THE CODDLE CREEK RESERVOIR <br /> <br /> THIS OPERATION AND MAINTENANCE AGREF. aMENT (hereinafter referred to <br />as the "Agreement"), made and entered into as of the latter of the dates the governing boards' <br />approvals are set forth herein, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina (hereinafter referred to as "County"); and <br />the WATER AND SEWER AUTHORITY OF CABARRUS COUNTY, a public <br />corporation of the State of North Carolina (hereafter referred to as "WSACC'); <br /> <br />WITNESSETH: that- <br /> <br /> WHEREAS, the County currently owns, and WSACC currently operates and <br />maintains the Coddle Creek Reservoir ("Reservoir"); and <br /> <br /> WHEREAS, the County believes it will be in the best interest of the citizens of <br />Cabarrus County for WSACC to operate, maintain and own the Reservoir; and <br /> <br /> WHEREAS, the County and WSACC have entered into an Interim Operation and <br />Maintenance Agreement on June 20, 1996; and <br /> <br /> WHEREAS, WSACC's Board of Directors are comprised of representatives from <br />Cabarrus County, the Cities of Concord and Kannapolis and the Towns of Harrisburg and Mt. <br />Pleasant, and are, therefore, responsive to minimizing the operation and maintenance costs of <br />the Reservoir and believes it to be appropriate for WSACC to continue the operation, <br />maintenance and eventual ownership of the Reservoir; and <br /> <br /> WHEREAS, both the County and WSACC wish to enter into an agreement for the <br />operation, maintenance and transfer of ownership of the Reservoir from the County to <br />WSACC; <br /> <br /> NOW, THEREFORE, in consideration of the covenants contained herein, the County <br />and WSACC hereby agree as follows: <br /> <br />A(~REEMENT <br /> <br /> 1. Transfer of ownership of the Reservoir from the County to WSACC will be <br />within 90 days subsequent to the transfer of water and sewer facilities by the municipalities <br />within Cabarrus County, when the collective book value of said water and sewer facilities are <br />equal to the book value of the Reservoir. *("Book value" is defined as the original cost plus <br />the cost of additions and upgrades, this is consistent with the County's method of establishing <br />the value of the Reservoir.) The County and WSACC shall agree upon which property, if <br />any, will be excluded from the transfer of ownership. Such exclusion shall not include any <br />required buffer zones or mitigation sites. The County and WSACC agree that WSACC shall <br /> <br /> <br />