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o <br /> <br />10. <br /> <br />11. <br /> <br />533 <br /> <br />The County will also contribute towards payment of the <br />costs of operating and maintaining the MCWWTP by paying <br />to WSACC on or before July 15 of each of the following <br />years the following amounts: <br /> <br />1996 $40,000 <br />1997 $30,000 <br />1998 $20,000 <br />1999 $15,000 <br />2000 $15,000 <br /> <br />If the transfer of property described in Paragraph 1 <br />above has not occurred by July 15, 2001, then the County <br />will continue to contribute towards payment of the costs <br />of operating and maintaining the MCWWTP by paying to <br />WSACC on or before July 15 of each year thereafter the <br />amount of $15,000 until (a) such transfer has occurred <br />or (b) such time as the revenues associated with the <br />MCWWTP for a fiscal year of WSACC are sufficient to pay <br />the costs associated with Operating and maintaining the <br />MCWWTP for such fiscal year as shown by WSACC~s records, <br />whichever is earlier, whereupon the County will be <br />relieved of any further responsibility to make such <br />annual payments. <br /> <br />For the purpose of this Agreement, the revenues <br />associated with the MCWWTP include all payments, <br />proceeds, fees, charges, rents and other income derived <br />by or for the account of the County from the ownership <br />by the County and operation by WSACC of the MCWWTP as <br />determined in accordance with generally accepted <br />accounting principles, excluding the contributions of <br />the County towards payment of the costs of operating and <br />maintaining the MCWWTP pursuant to this Agreement and <br />all income derived from an availability fee charged by <br />the County and required by the County to construct <br />additional water and sewer lines, and the costs <br />associated with operating and maintaining the MCWWTP <br />include all reasonable and necessary current expenses of <br />operation and maintenance with generally accepted <br />accounting principles, exCluding Installment Payments <br />and any other payments payable by the County to the Bank <br />under the Installment Purchase Contract. <br /> <br />The Cabarrus County Planning and Development Area <br />Manager and the Executive Director of WSACC shall be <br />responsible on behalf of the County and WSACC, <br />respectively, for effectuating the transfer of the <br />operation and maintenance of the MCWWTP as contemplated <br />by this Agreement, and such persons may take such <br />actions as are necessary for such purpose. <br /> <br />At the time of the transfer of the property to be <br />transferred pursuant to Paragraph 1 of this Agreement, <br />such property shall be more accurately identified in an <br />amendment to this Agreement or in a separate agreement <br />executed by the parties to this Agreement pursuant to <br />resolutions of their governing boards approving such <br />amendment or separate agreement and authorizing its <br />execution. Such amendment or separate agreement may also <br />contain other provisions and provide for other <br />documents, such as a deed, as may be necessary to <br />accomplish such transfer. <br /> <br />WSACC's rights to operate and maintain the MCWWTP and <br />all of its other rights under this Agreement are subject <br />and subordinate to the rights of the Bank and its <br />successors and assigns relating to the MCWWTP under the <br />Installment Purchase Contract. <br /> <br /> <br />