BC 1991 12 16 - Laserfiche WebLink

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402 sums due and owing by Concord to Cabarrus County under the Airport Contract for the real property, plans and related items set forth therein; and (d) Cabarrus County shall pay to Concord the sum of Three Hundred Twenty-Five Thousand and No/lO0 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; (e) As the purchase price of the water lines described in Paragraph 9 hereinafter, Concord shall pay to the Water & Sewer District of Cabarrus County (the "District") a sum which represents the advance payment of the principal amount of the remaining debt of the District incurred with respect to the water lines [currently computed to be Three Hundred Sixty-Seven Thousand Sixty-Six and 72/100 Dollars ($367,066.72)], plus accumulated interest thereon, if any, prorated to the date of closing. 3. Coddle Creek Agreement Modifications. The Coddle Creek Agreement is modified such that: (a) A new subparagraph (al) is added to and inserted in Paragraph 7 of the Coddle Creek Agreement to read as follows: (al) Subject to the provisions of subparagraph (a), Cabarrus assigns to Concord an amount of the net available yield in gallons equivalent to Concord's highest average daily usage as computed and averaged from Concord's consumption of raw water from the Coddle Creek Reservoir across any continuous six-month period, but such amount shall not be accumulated. (b) Upon receipt of the sum of Three Hundred Twenty-Five Thousand and No/100 Dollars ($325,000.00), from Cabarrus County, as identified in Paragraph 2(d) of this Agreement, Concord acknowledges 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. 4. Water and Sewer Authority Resolution. Within thirty (30) days after Concord and Cabarrus County have executed this Agreement, Concord and Cabarrus County preferably but not necessarily in conjunction with all other parties contemplated to be initial participants in the Authority (Harrisburg, Kannapolis, and Mount Pleasant and together with Concord and Cabarrus County, the "Jurisdictions"), shall each adopt a resolution signifying their intent to create a regional water and sewer authority, under the provisions of N.C.G.S. 162A-3 (hereinafter the "Water and Sewer Authority of Cabarrus County" or the ."Authority"), which resolution shall substantially conform to Exhibit A and shall initiate those procedures required to establish the Authority as generally outlined and sequenced in Exhibit B. 5. Water and Sewer Authority Participation. In accordance with Paragraph 4 above, Concord and Cabarrus County agree that they: (a) shall execute those documents deemed necessary or appropriate by counsel for Concord and Cabarrus County to establish the Authority, including those Articles of Incorporation substantially in the form set forth as Exhibit C; (b) along with the other Jurisdictions who choose to join the Authority, shall proceed in good faith to prepare, approve and execute operating agreements with 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"), with the goal of executing such operating agreements on or before June 30, 1992. To the extent permitted by law and subject to existing obligations and covenants of the Authority, any Jurisdiction joining the Authority may petition for its dissolution if the Capital Improvements Program, as generally outlined in the Pease Study, is not substantially underway within twenty (20) years from the date the Authority is created; and, in the event of such dissolution, the assets originally transferred to the Authority shall be returned to the extent possible to the Jurisdictions transferring the same, and the remaining assets, if any, shall be transferred to Cabarrus County.