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FROM WATER & SEWER AUTHORITY OF CAB~RRUS CO. 88.21.1995 88:85 P. 2 <br /> <br /> AGREEMENT FOR THE TRANSFER OF AND THE <br /> OPERATION AND MAINTENANCE OF <br />THE MUDDY CREEK WASTEWATER TREATMENT PI,ANT <br /> <br /> TI-IlS AGREEMENT (hereinafter referred to as this "Agreement"), by and between <br />CABARRUS COUNTY, a body politic and political subdivision of the State of North Carolina <br />(hereinafter referred to as "County"), and the WATER AND SEWER AUTHORITY OF <br />CABARRUS COUNTY, a public corporation of the State of North Carolina (hereinafter referred <br />to as "WSACC"); <br /> <br />WITNESSETH: that-- <br /> <br /> WHEREAS, the County recognizes a need for a wastewater treatment plant in tile <br />Midland area of the County; and <br /> <br /> WHEREAS, the County has executed contracts for the construction of the Muddy Creek <br />Wastewater Treatment Plant (hereinafter referred to as "MCWXWI'P") to serve the Midland area; <br />and <br /> <br /> WHEREAS, WSACC has the responsibility for the operation and maintenance of the <br />Rocky River Regional Wastewater Treatment Plant (hereinafter referred to as "RRRWWTP"); <br />and <br /> <br /> WHEREAS, WSACC has tl~e staff specialized in the operation and maintenance of a <br />wastewater treatment facility similar to tile MCWWTP; and <br /> <br />WHEREAS, WSACC has revicwexl plans and specifications for the MCWWTP; and <br /> <br /> WHEREAS, 'the County has determined that it is in its best interest for WSACC to <br />operate and maintain the MCWWTP, and WSACC has determined that it ia in its best interest <br />to undertake such responsibility; and <br /> <br /> WHEREAS, the County and WSACC have also determined that it is in their resp$etive <br />best interests to provide for the eventual transfer of ownership of the MCWWTP from the <br />County to WSACC; <br /> <br /> NOW, THEREFORE, in consideration of mutual pro:nisei and covenants contained <br />herein, tile County and WSACC do hereby agree as follows: <br /> <br />The County shall transfer to WSACC ownership of all real and personal property, <br />exalt, ding accounts receivable, monies and investment obligations, constituting or <br />attributable to the MCWWTP, as more particularly described in Exhibit A to this <br />Agreement, upon the termination of the County's obligation to make Inslalhnent <br />Payments (hereinafter referred to as "Installment Payments") and any other <br />pay~nents to First-Citizens Bank 84 Trust Company (hereinafter referred to as the <br />"Bank") under the Installn~ent Purchase Contract, dated as of December 29, 1994, <br /> <br /> <br />