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317 <br /> <br />prepared by Pierson & Whitman, Engineers; and (c) operating the Coddle <br />Creek Reservoir upon completion of construction. The Cabarrus Metro- <br />politan Reservoir Authority shall be comprised of six (6) members whose <br />powers, duties and responsibilities shall be as follows: <br /> <br />(a) <br /> <br /> 4. Manner of Appointment of Authority Directors. The CITY and <br />the COUNTY shall appoint three (3) persons each to serve as Directors <br />of the Authority. Each shall designate one (1) person to serve a term <br />of one (1) year, one (1) to serve a term of two (2) years, and one (1) <br />to serve a term of three (3) years. Upon expiration of a Director's <br />respective term, the body who appointed such Director shall fill the <br />vacancy by appointment to a three-year term. Such appointing body may <br />reappoint a Director whose term is expiring, but no single Director may <br />serve more than seven (7) years in succession. <br /> <br /> 5. Method of Financing the Coddle Creek Reservoir. From <br />sources routinely available, CITY and BOARD shall provide fifty percent <br />(50%) of the financing for the Coddle Creek Reservoir and COUNTY shall <br />provide the remaining fifty percent (50%) of such financing. Such <br />financing shall include the cost of acquisition of real property, of <br />construction of the dam and related structures and operational expense. <br />CITY, BOARD and COUNTY agree that in calculating expenses and payment <br />for the project, upon mutual agreement concerning their value, appropriate <br />credit shall be given for reasonable expense already incurred in property <br />acquisition, engineering expense and the like. <br /> <br /> 6. Ownership of the Coddle Creek Reservoir. CITY, BOARD and COUNTY <br />agree that BOARD and COUNTY shall each own and hold legal title to a one- <br />half (½) undivided interest in and to the Coddle Creek Reservoir, and <br />that CITY, through BOARD, and COUNTY shall each be entitled to one-half <br />(½) the capacity of raw water therefrom. In the event that CITY/BOARD <br />or COUNTY elect not to utilize its respective pro-rata portion of raw <br />water available, with the express consent of the Authority, the respective <br />party may sell all or a portion of such raw water allottment to the <br />customers of CITY/BOARD or COUNTY. <br /> <br /> 7. Treatment of Raw Water. No provision hereof relates to the <br />treatment of raw water from the Coddle Creek Reservoir or charges therefor <br />by BOARD, utilitizing its existing facilities or otherwise, agreement for <br />which shall be the subject of a separate contract between the parties. <br /> <br /> 8. Method of Amendment/Termination of Agreement. This Agreement <br />may be amended or terminated by a majority vote of the governing bodies <br />of CITY, BOARD and COUNTY, their successors or assigns. <br /> <br /> 9. Warranties. CITY, BOARD and COUNTY hereby warrant and represent <br />that: <br /> <br /> (a) Execution of this Agreement and full performance <br />of its own obligations hereunder are fully authorized by <br />law; <br /> <br /> (b) Each has complied with all procedures necessary <br />to render its execution of this Agreement and the performance <br />of its obligations hereunder as valid, legal and binding acts <br />of CITY, BOARD and COUNTY, respectively; <br /> <br /> (c) Ail contracts for work to be done in connection <br />with the construction of the Coddle Creek Impoundment will <br />be conducted in accordance with the laws and regulations to <br />which CITY, BOARD and COUNTY are subject. <br /> <br />10. .Miscellaneous. CITY, BOARD and COUNTY further say that: <br /> <br /> (a) No failure or delay in exercising any right <br />hereunder on the part of either party shall operate as <br /> <br /> <br />