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94 <br /> <br />be provided as follows:- Cabarrus will pay to Mount Pleasant the sum of <br />Six Hundred Thousand Dollars ($600,000.00) as follows: Three Hundred <br />Thousand Dollars ($300,000.00) during the fiscal year 1984-1985 and <br />Three Hundred Thousand Dollars ($300,000.00) during the 1985-1986 fiscal <br />year. Mount Pleasant will use these funds provided by Cabarrus and acquire <br />all other funds necessary for the construction of the facility and will be <br />responsible for the construction thereof. <br /> <br /> 4. Mount Pleasant hereby agrees to sell to Cabarrus and guarantees <br />that it will sell to Cabarrus, two hundred thousand (200,000) gallons of <br />water per day upon completion of said dam and impoundment facility. If <br />Cabarrus does not desire to purchase said amount of water each day, Mount <br />Pleasant may, with the consent of Cabarrus, sell to its other customers <br />the amount from Cabarrus' 200,000-gallon allotment as agreed upon by <br />Cabarrus. <br /> <br /> 5. The water shall be sold by Mount Pleasant to Cabarrus as a municipal <br />bulk customer, that is the price to be paid by Cabarrus shall be the lowest <br />price charged by Mount Pleasant to its bulk customers less the portion of <br />said price which is established to provide debt service for the construction <br />of said project and the Mount Pleasant Water Treatment Plant. <br /> <br /> 6. Warranties and Representations of Cabarrus. Cabarrus hereby <br />warrants and represents that: <br /> <br /> a. Its execution of this Agreement and the full performance of <br />all its obligations hereunder are fully authorized by law; and <br /> <br /> b. It has complied with all procedures necessary to render its <br />execution of this Agreement and the performance of its obligations hereunder <br />valid, legal, and binding as acts of the County. <br /> <br />7. Warranties and Representations of Mount Pleasant. <br /> <br /> a. Its execution of this Agreement and the full performance of <br />its obligations hereunder are fully authorized by law. <br /> <br /> b. It has complied with all procedures necessary to render its <br />execution of this Agreement and the performance of its obligations hereunder <br />valid, legal, and binding as acts of the Board; and <br /> <br /> c. All contracting for work to be done in connection with the <br />construction of the facility will be conducted in accordance with <br />applicable laws and regulations to which Mount Pleasant is subject. <br /> <br />8. Miscellaneous. <br /> <br /> a. No failure or delay in exercising any right hereunder on the <br />part of any party shall operate as a waiver thereof, nor shall any single <br />or partial exercise by any party of any right hereunder preclude any <br />other further exercise thereof or the exercise of any other right. <br /> <br /> b. All representations and warranties made herein shall survive <br />the making of any payment or payments pursuant hereto. <br /> <br /> c. This Agreement shall be binding upon and inure to the benefit <br />of Cabarrus and Mount Pleasant and their respective successors and assigns. <br /> <br /> IN WITNESS WHEREOF, the parties have executed this Agreement the day <br />and year first above written. <br /> <br />TOWN OF MOUNT PLEASANT <br />By: <br /> <br />MAYOR <br /> <br />COUNTY OF CABARRUS <br />By: <br /> <br />CHAIRMAN, BOARD OF COMMISSIONERS <br /> <br /> <br />