BC 1991 12 02 - Laserfiche WebLink

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386 transferring the same, if any, and the remaining assets, if any, shall be transferred to the Cabarrus County Water and Sewer District. 4. Lease and Transfer of Facilities and I~rastructure. Within ninety (90) days of the establishment of the Authority as outlined in Paragraph 3, Concord and Cabarrus shall execute and enter into leases with the Authority of their respective right, title and interest, if any, in and to the Rocky River Regional Wastewater Treatment Plant, and all interceptor sewer lines and appurtenant metering and pumping stations including, but not limited to, the Rocky River, Coddle Creek, New Irish Buffalo Creek, Coldwater Creek, Three Mile Branch, and Coddle Creek/Wolf Meadow Branch Interceptor Sewers, the Dutch Buffalo Creek Interceptor Sewer and force main, the Afton Run Branch Interceptor and force main, and the Rocky River/Harrisburg Outfall (the "Facilities and Infrastructure") upon the following terms and conditions: (a) The respective leases shall be for an initial term of twenty (20) years for the sum of One Dollar ($1.00) per year with an option granted to the Authority at the conclusion of the 20th year, to purchase the Facilities and Infrastructure for the sum of One Dollar ($1.00); (b) The respective leases shall be on a "triple net" basis, i.e. the Authority shall assume all expenses associated with the operation of the Facilities and Infrastructure, and shall indemnify and save Concord and/or Cabarrus respectively from any liability associated with such operation and maintenance, including, but not limited to, the assumption of all outstanding debt obligations, operational expenses, and any costs associated with environmental compliance and/or liability for the Facilities and Infrastructure; and (c) The respective leases for the Facilities and Infrastructure shall be subject to and conditioned upon the approval of all required state and federal regulatory authorities and the issuance of all permits or other documents required by law. All operational expenses and costs incurred in the ordinary course shall be paid current through the effective date of such leases by the party or parties incurring same, and the sum of the outstanding general obligation or revenue bond, note or like obligations assumed by the Authority on the effective date of such leases shall be no greater than the s,mm which exists on the effective date of this Settlement Agreement. 5. Water and Sewer Contract Modifications. (a) Rescission. Within fifteen (15) calendar days of the execution of this Agreement, Concord and Cabarrus County shall rescind the Water and Sewer Contract by documentation satisfactory to counsel for Concord and Cabarrus County. Such rescission shall be without prejudice to either Concord or Cabarrus County in the civil action now pending in the Superior Court of Cabarrus County, No. 90-CVS-2291, and the Court of Appeals, No. 9119SC502 (the "Lawsuit"). As a precondition to rescission, both parties shall stipulate that neither the rescission of the disputed Water and Sewer Contract nor the making of a replacement grant shall (i) constitute an admission by either party as to the merits of any claim, counterclaim or defense asserted in the Lawsuit involving the Airport Contract between the parties dated November 30, 1990 (the "Airport Contract") or (ii) have any effect on or be used as evidence as to any issue pleaded or presented for decision with respect to the Airport Contract; (b) Replacement Grant. Cabarrus shall make a grant to Concord replacing that set forth and delivered to Concord pursuant to the Water and Sewer Contract (the "Replacement Grant"). The Replacement Grant amount shall be for $1.5 million plus all interest accrued thereon but not yet paid over to Cabarrus County. Concord shall continue to hold such monies until the replacement grant is put into effect. The replacement grant shall specify that it shall be utilized only for construction of sewer interceptor lines (and not for water lines) to the Kings Grant area as more particularly described in the Water and Sewer Contract to be rescinded. The form