AG 1992 01 06 - Laserfiche WebLink

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NORTH CAROLINA CABARRUS COUNTY AMENDMENT NO. 1 TO WHEREAS, the CITY OF CONCORD, a municipal corporation (hereinafter referred to as 'Concord'); and CABARRUS COUNT~, a political subdivision of the State of North Carolina (hereinafter referred to as 'Cabarrue County') have entered into an agreement entitled Settlement Agreement; and WHEREAS, Section 13 of the Settlement Agreement provides that such may be amended and modified, in whole ~r in par~, only by an agreement in writing executed in the same manner as said Agreement. NOW, THEREFORE, it is hereby agreed that: (1) Section 6 paragraph 2 of the Settlement Agreement is hereby amended to read as follows: All operational expenses and costs incurred in the ordinary course shall be paid current through the effective date of such leases by the party or parties incurring same, and the debt service on the outstanding general obligation or revenue bond, note or like obligations assumed by the Authority on the effective date of such leases shall be no greater than the debt service which exists on the effective date of this Agreement. (2) Section 9 of the Settlement Agreement is hereby amended to read as follows: Within the time set forth in Paragraph 2 of this Agreement, for and in consideration of the receipt of the sum set forth in Paragraph 2(e) from Concord and the amendment to the Treated Water Agreement set forth in Paragraph l0 hereinafter and the mutual covenants and agreements set forth herein, the Board of Commissioners of Cabarrus County, acting as the governing body of the District, shall transfer to Concord all of the District's right, title and interest in and to the District's water system lin~s within the subdivisions known as Old South and Carolando (the 'Water Lines'), of which the construction cost was approximately Eight Hundred Potty-Four Thousand Nine Hundred and Ninety and 15/100 Dollars ($844,990.15) of a total project cost of approximately Ten