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531 <br /> <br /> THIS AGREEMENT (hereinafter referred to as this "Agreement"), <br />by and between CABARRUS COUNTY, a body politic and political <br />subdivision of the State of North Carolina (hereinafter referred to <br />as "County"), and the WATER AND SEWER AUTHORITY OF CABARRUS COUNTY, <br />a public corporation of the State of North Carolina (hereinafter <br />referred to as "WSACC"); <br /> <br />WITNESSETH: that-- <br /> <br />WHEREAS, the County recognizes a need for a wastewater <br />treatment plant in the Midland area of the County; and <br /> WHEREAS, the County has executed contracts for the <br />construction of the Muddy Creek Wastewater Treatment Plant <br />(hereinafter referred to as "MCWWTP") to serve the Midland area; and <br /> WHEREAS, WSACC has the responsibility for the operation and <br />maintenance of the Rocky River Regional Wastewater Treatment Plant <br />(hereinafter referred to as "RRRWWTP"); and <br /> WHEREAS, WSACC has the staff specialized in the operation and <br />maintenance of a wastewater treatment facility similar to the <br />MCWWTP; and <br /> WHEREAS, WSACC has reviewed plans and specifications for the <br />MCWWTP; and <br /> WHEREAS, the County has determined that it is in its best <br />interest for WSACC to operate and maintain the MCWWTP, and WSACC has <br />determined that it is in its best interest to undertake such <br />responsibility; and <br /> WHEREAS, the County and WSACC have also determined that it is <br />in their respective best interests to provide for the eventual <br />transfer of ownership of the MCWWTP from the County to WSACC; <br /> NOW, THEREFORE, in consideration of mutual promises and <br />covenants contained herein, the County and WSACC do hereby agree as <br />follows: <br /> 1. The County shall transfer to WSACC ownership of all real <br /> and personal property, excluding accounts receivable, <br /> monies and investment obligations, constituting or <br /> attributable to the MCWWTP, as more particularly <br /> described in Exhibit A to this Agreement, upon the <br /> termination of the County's obligation to make <br /> Installment Payments (hereinafter referred to as <br /> "Installment Payments") and any other payments to <br /> First-Citizens Bank & Trust Company (hereinafter <br /> referred to as the "Bank") under the Installment <br /> Purchase Contract, dated as of December 29, 1994, <br /> between the County and the Bank relating to the <br /> financing of the cost of the MCWWTP (hereinafter <br /> referred to as the "Installment Purchase Contract"). <br /> <br />The County may terminate its obligation to make <br />Installment Payments as described above by making <br />Installment Payments when due or by prepaying or <br />otherwise providing for the payment of Installment <br />Payments. <br /> <br />The County shall continue to be responsible for the <br />construction of the MCW-WTP in accordance with the <br />provisions of the Installment Purchase Contract. WSACC <br />shall provide periodic, on-site inspections during <br />construction of the MCWWTP to assist the County's <br />engineer, HDR Engineering, Inc., and to become familiar <br />with the facilities. Ail questions and/or concerns that <br />WSACC may have will be resolved through County staff <br />and/or HDR Engineering, Inc., and not directly with any <br />contractor. <br /> <br />o <br /> <br />WSACC will contact the County regarding any claims which <br />need to be filed during the warranty period applicable <br />to the construction of the MCWWTP. The County shall <br />immediately notify the contractor and follow through on <br />any and all warranty work items to a satisfactory <br />resolution, or the County may direct WSACC to contact <br /> <br /> <br />