BC 1988 03 14 - Laserfiche WebLink

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305 Section 1. The County hereby agrees to convey to the Town as of the date of this Agreement all of its right, title and interest in and to the Foil Property by special warranty deed. Section 2. The Town hereby agrees that it will cause the Authority to call and hold a special meeting within ten (10) days following the date of this Agreement. The Town and the County hereby express their understanding and agreement that at such meeting of the Authority, the Authority shall take the following actions: (a) The Authority shall cause its bylaws to be amended so that the bylaws will provide that the number of directors to be elected at a meeting of the Authority may be fixed by the Authority at a special meeting or an annual meeting. (b) The Authority shall increase the number of directors from three (3) members to five (5) members. (c) In order to fill the additional two (2) board openings created at such meeting, the Authority shall elect as members of the board two (2) persons who are currently members of the Board of Commissioners of Cabarrus County. Section 3. The Town hereby agrees that it will cause the acquisi- tion, construction, installation and equipping of the Project to proceed to completion in accordance with the plans and specifications prepared by Frank Cockinos & Associates, Inc., Engineers. Section 4. The Town hereby agrees that on the date on which all of the outstanding principal of, and accrued but unpaid interest on, the Note shall be paid in full, it will convey to the County a one-half undivided interest in and to the Project by special warranty deed. Section 5. The Town and the County each hereby acknowledge that the County has previously paid to the Town the sum of Six Hundred Thousand Dollars ($600,000) pursuant to the 1984 Agreement and the sum of Seventy-Five Thousand Dollars ($75,000) during the 1987-1988 fiscal year of the County in order to finance a portion of the costs of the acquisi- tion, construction, installation and equipping of the Project. The County hereby agrees to make available to the Town an additional Six Hundred Twenty-Five Thousand Dollars ($625,000) in order to further finance a portion of the costs of the acquisition, construction, instal- lation and equipping of the Project, as follows: (a) The County shall pay to the Town the sum of Two Hundred Seventy-Five Thousand Dollars ($275,000) during the 1988-1989 fiscal year of the County; and (b) The County shall pay to the Town the sum of Three Hundred Fifty Thousand Dollars ($350,000) during the 1989-1990 fiscal year of the County; and The Town hereby agrees to use the sums received from the County to pay costs incurred in the acquisition, construction, installation and equipping of the Project. Section 6. The Town hereby agrees to sell treated water to the County, upon completion of the Project, in an amount not to exceed 200,000 gallons per day. If the County does not wish to purchase 200,000 gallons of treated water each day, the Town may, with the consent of the County, sell to its other customers such unused portion of the County's 200,000-gallon allotment as agreed upon by the County. Section 7. The Town and the County hereby agree that the price at which the treated water will be sold to the county will be equal to (i) the lowest price charged by the Town to its bulk customers, less (ii) an amount equal to that portion of the price paid by the Town's bulk customers (other than the County) allocated by the Town to the payment of debt service on any indebtedness incurred for the purpose of financing