BC 1991 12 02 - Laserfiche WebLink

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385 WHEREAS, Concord and Cabarrus County entered into a "Reciprocal Agreement for Water and Sewer Connections and Related Matters" dated August 15, 1988 (hereinafter referred to as the "Reciprocal Agreement"); and WHEREAS, Concord and Cabarrus County entered into an "Agreement to Supply Treated Water" dated April 19, 1989 (hereinafter the "Treated Water Agreement"); and WHEREAS, the parties hereto desire to accelerate the payments by Cabarrus County to Concord under the Coddle Creek Agreement, to make certain amendments to the Water and Sewer Contract, the Reciprocal Agreement, and the Treated Water Agreement, and to enter into further arrangements regarding related matters. NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the respective parties do hereby agree as follows: AGREEMENT 1. Coddle Creek Agreement Modifications. The Coddle Creek Agreement is modified such that: (a) Cabarrus County will pay to Concord the sum ofThree Hundred Twenty-FiveThousand and No/100 Dollars ($325,000.00), which sum represents full and final payment of all sums due and owing by Cabarrus County to Concord under the Coddle Creek Agreement for the real property, plans, surveys and related items set forth therein. (b) Cabarrus agrees to assign Concord "raw water" allocations not to exceed the maximum safe daily yield, from the "raw water" yield of Coddle Creek Reservoir equal to Concord's highest average daily usage, post reservoir construction, on a historical basis across any six-month period until the reservoir reaches its maximum safe daily yield for all jurisdictions using it. 2. Water and Sewer Authority Resolution. Contemporaneously with the execution of this Settlement Agreement, Concord and Cabarrus shall duly adopt a resolution signifying their intent to create a regional.water and sewer authority, under the provisions of N.C.G.S. 162A-3.1 e__t. sec. (hereinafter the "Water and Sewer Authority of Cabarrus County" or the "Authority"), which resolution shall substantially conform to Exhibit A and shall immediately initiate those f. rocedures required to establish the Authority as generally outlined and sequenced in Exhibit B. 3. Water and Sewer Authority Participation. Upon completion of the procedures outlined in Paragraph 2, preferably, but not necessarily, with all parties contemplated to be participants in the Authority [i.e. Cabarrus County, Concord, Harrisburg, Kannapolis, and Mt. Pleasant (the "Jurisdictions")] having also initiated identical procedures, Concord and Cabarrus County: (a) shall execute those documents deemed necessary or appropriate by counsel for Concord and Cabarrus County to establish the Authority, including that charter and by-laws substantially in the form set forth as Exhibit C; (b) subject to the preparation, approval and execution of operating agreements between Concord, Cabarrus County, and preferably, but not necessarily the Jurisdictions and the Authority, which are contemplated to include those terms and conditions generally outlined in that feasibility study therefor prepared by J. N. Pease & Associates and Ernst & Young dated June, 1990, (the "Pease Study"), Concord and Cabarrus County shall participate in the Authority as specified in Exhibit G; (c) shall amend the charter, the form of which is set forth in Exhibit C, to provide that any jurisdiction joining the Authority may petition for its dissolution if the Capital Improvements Program, as generally outlined in the Pease Study, has not been completed or is not substantially underway within twenty (20) years from the date the Authority commences operation; subject to bonding requirements, in the event that dissolution occurs, purchase options shall be void, and the assets originally transferred to the Authority shall be returned to the original jurisdiction