Ord 1985-117 - Laserfiche WebLink

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representing the actual fees and charges collected by the District, and as to interest, representing all earnings realized on the escrow account. The principal and interest earnings accumulated shall be used from time to time by the District, to purchase or otherwise acquire from Storm Development, its successors or assigns, or to construct water, wastewater and drainage facilities, in lieu of the issuance of District bonds to finance such acquisitions or construction and to partially reimburse Storm Development for financing the construction of one-half of the City's pro-rata share of the 1990 regional facilities as specified in Section G of this Article. The amounts paid to Storm Development or others for purchase of such facilities from this account shall be limited to construction, engineering and related interest costs in the amounts which would be reimbursable to Storm Development from the issuance of bonds under the rules and regulations of the Texas Water Commission. Funds of the escrow account shall be used for the above purposes and for no others. Any funds remaining in the account at the time of annexation of the District by the City and dissolution of the District shall become the property of the Ci ty. E. The parties acknowledge and agree that the City is applying for a waste discharge permit ("Permit") to be issued by the Texas Water Commission to discharge into an intermittent stream and thence into the San Marcos River. Storm Development agrees to support the City in obtaining the permit. Storm Development shall have the option to proceed to obtain a no-discharge irrigation permit for disposal of effluent within the boundaries of the District. In the event the City obtains its waste discharge permit prior to the time Storm Development receives its irrigation permit and begins design of a waste treat:ment and irrigation disposal system for the District alone, Storm Development agrees to abandon its plans for the design and construction of such waste treatment and irrigation disposal system. Should Storm Development proceed to obtain a no-discharge irrigation permit and construct and operate a waste treatment and irrigation disposal system, Storm Development's required pro-rata share in the initial phase of the regional wastewater treatment plant shall be reduced by the amount of capacity available through the waste treatment and irrigation disposal system. Storm Development shall retain the right to increase the size of the next phase of the regional wastewater treatment plant to switch from an irrigation system to the regional wastewater system. Storm Development agrees that its obligation to pay its pro-rata share of major wastewater mains and lift stations and subsequent phases of the regional wastewater treatment plant shall not be reduced or delayed by the construction or use of such waste treatment and irrigation disposal system, whether on an interim or permanent basis. F. Storm Development agrees to proceed to apply for a transport permit from the Edwards Underground Water District for the transport of well water outside the boundaries of the Edwards Underground Water District. Such application shall be submitted in the name of Storm Development and the Ci ty jointly. G. ( 1) Storm Development agrees to finance one-half of the City's pro-rata share of the 1990 utility system as presented in the Service Plan in an amount not to exceed $500,000 in the aggregate for water and wastewater improvements in addition to initially financing the District's share of the system. Said financing of such one-half of City's share shall be completed prior to the date of approval of the first construction contract for the 1990 regional facilities as presented in the Service Plan but no later than thirty (30) days after the District's confirmation election. Said financing shall be in the form of either (i) a letter of credit which may be drawn upon periodically as construction of regional facilities progresses and in a form acceptable to the City Attorney or (ii) in cash. The City shall be responsible for financing all other costs of the City's share of the 1990 improvements as described in the Service Plan. A:SMMUD1.3-5 (1/22/86)