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291 <br /> <br />acquisition, construction, installation and equipping of the <br />Project. The County hereby agrees to make available to the <br />Town such additional funds (the "Balance Funds") as are <br />necessary to constitute a County contribution to the Project <br />of one-half the audited, applicable and agreed upon costs of <br />the acquisition, construction, installation and equipping of <br />the Project, as follows: <br /> <br /> (a) The County shall pay to the Town the sum of <br />Seventy-Five Thousand Dollars ($75,000) during the 1989-1990 <br />fiscal year of the County; and <br /> <br /> (b) The County shall pay to the Town the remainder of <br />the Balance Funds during the 1990-1991 fiscal year of the <br />County. <br /> <br /> The Town hereby agrees to use the sums received from the <br />County to pay costs incurred in the acquisition, construction, <br />installation and equipping of the Project. <br /> <br /> Section 3. The Town hereby agrees to reserve and sell 300,000 <br />gallons of treated water per day to the County. If the County does <br />not wish to purchase 300,000 gallons of treated water each day, the <br />Town may, with the consent of the County, sell to its other <br />customers such unused portion of the County's 300,000-gallon <br />allotment as agreed upon by the County in writing. <br /> <br /> Section 4. The Town and the County hereby agree that the <br />price at which the treated water will be sold to the County will be <br />equal to (i) the lowest price charged by the Town to its bulk <br />customers, less (ii) an amount equal to that portion of the price <br />paid by the Town's bulk customers (other than the County) allocated <br />by the Town to the payment of debt service on any indebtedness <br />incurred for the purpose of financing the acquisition, construction, <br />installation and equipping of either the Project or the facility <br />known as the Mount Pleasant Water Treatment Plant. <br /> <br /> Section 5. <br />County that: <br /> <br />The Town hereby represents and warrants to the <br /> <br /> (a) It has the power to enter into this Agreement, and has <br />duly authorized and taken the necessary acts required (including all <br />required approvals) prior to the execution and delivery of this <br />Agreement; <br /> <br /> (b) This Agreement is the valid, legal and binding obligation <br />of the Town; and <br /> <br /> (c) It has and will comply with all applicable laws and <br />' regulations to which it is subject in causing the acquisition, <br /> construction, installation and equipping of the Project. <br /> <br /> Section 6. That County hereby represents and warrants to the <br />Town that: <br /> <br /> (a) It has the power to enter into this Agreement, and has <br />duly authorized and taken the necessary acts required (including all <br />required approvals) prior to the execution and delivery of this <br />Agreement; and <br /> <br /> (b) This Agreement is the valid, legal and binding obligation <br />of the County. <br /> <br /> Section 7. No failure or delay in exercising any right <br />hereunder on the part of any party hereto shall operate as a waiver <br />thereof, nor shall any single or partial exercise by any party <br />hereto of any right hereunder preclude any other further exercise <br />of such right or the exercise of any other right hereunder. <br /> <br /> <br />