BC 1985 10 08 - Laserfiche WebLink

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319 3. Method of Financing the Coddle Creek Reservoir. Provided that BOARD transfers all its right, title and interest in and to all real property presently owned by BOARD located within the Coddle Creek Reservoir area as described in plans and specifications prepared by Pierson & Whitman, Engineers, and provides all documentation to COUNTY presently in possession of BOARD with regard to the identity and location of real property required by such reservoir and the design for construction for the dam and related structures therefor, COUNTY agrees as follows: (a) To finance the acquisition of all real property required for the Coddle Creek Reservoir and to finance the construction of the necessary dam and other structures related thereto; (b) To acquire all such necessary property and to complete construction of such facility within ten (10) years of the date of execution of this Agreement; (c) To provide CITY, through BOARD, with a minimum of percent ( %) of the capacity of raw water impounded by such facility upon a financial basis mutually agreeable to CITY, BOARD and COUNTY. 4. Ownership of Coddle Creek Reservoir. CITY, BOARD and COUNTY agree that COUNTY shall own and hold legal title to all real property incorporated in or involved with the Coddle Creek Reservoir. 5. Treatment of Raw Water. No provision hereof relates to the treatment of raw water for the Coddle Creek Reservoir or charges therefor by BOARD, utilitizing its existing treatment facilities or otherwise, agreement concerning which shall be the subject of a separate contract between the parties. 6. Method of Amendments/Termination of A~reeme~t. This Agreement may be amended or terminated by a majority vote of the governing boards of CITY, BOARD and COUNTY, their successors or assigns. In the event of termination of the Agreement prior to construction of the dam for the reservoir, COUNTY shall reconvey to BOARD all real property previously transferred it by BOARD without charge. In the event of termination of the Agreement after construction of the dam for the reservoir, COUNTY shall retain title to such real property transferred to it by BOARD. 0 that: Warranties. CITY, BOARD and COUNTY hereby warrant and represent (a) Execution of this Agreement and full performance of its own obligations hereunder are fully authorized by law; (b) Each has complied with all procedures necessary to render its execution of this Agreement and the performance of its obligations hereunder as valid, legal and binding acts of CITY, BOARD and COUNTY, respectively; (c) Ail contracts for work to be done in connection with the construction of the Coddle Creek Impoundment will be conducted in accordance with the laws and regulations to which CITY, BOARD and COUNTY are subject. 9. Miscellaneous. CITY, BOARD and COUNTY further say that: (a) No failure or delay in exercising any right hereunder on the part of either party shall operate as a waiver thereof, nor shall any single or partiaI exercise by either party of' any right hereunder preclude any other further exercise thereof or the exercise of any other right; (b) Ail representations and warranties made herein shall survive the making of any payment or payments pursuant hereto;