Ord 1985-117 - Laserfiche WebLink

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(2) a. The City shall reimburse Storm Development for this initial financing of the one-half of the City's share referenced above in Paragraph G( 1) on a monthly basis from connection fees as more specifically set out in this Section. b. The City agrees to establish and collect water and wastewater connection fees from both in-district customers and all water and/or wastewater customers within the Service Plan area unless and until some other mutually agreeable method of reimbursement to Storm Development is established. The fee shall be Five Hundred Dollars ($500.00) or such other fee as mutually agreed upon by the City, Storm Development and the District. Of the fee collected within the District, Four Hundred Dollars ($400.00) shall be returned to Storm Development to reimburse Storm Development for amounts paid by Storm Development to finance the one-half of the City's share in the regional water and wastewater facilities. The remaining One Hundred Dollars ($100.00) shall be retained by the City as payment or rejmbursement for each water meter installed and to assist in funding of uti Ii ty inspection associated wi th setting of meters. c. Of connection fees collected by the City within the Service Plan area but outside of any district, Two Hundred Dollars ($200.00) per unit shall be reimbursed to Storm Development for amounts paid by Storm Development pursuant to Paragraph I I I G (1). d. The amount paid to Storm Development for reimbursement for financing the one-half of the City's share of the regional facilities shall be limited to those amounts actually contributed by Storm Development for engineering, construction and interest costs. Interest shall accrue on each amount paid by Storm Development from the date of payment by Storm Development until such amount is reimbursed by City. Interest shall be computed as one and one-half percent above the average annual "prime rate" charged by the three largest banks (based on deposits) in Austin, Texas and shall be compounded quarterly. Payments by the City to Storm Development for reimbursement shall be applied first to accrued interest and then to a reduction of principal. The City shall reimburse Storm Development in full, for all amounts as described herein, on or before the fifth anniversary of the date of the posting of the letter of credit by Storm Development, as provided in Paragraph III G (1), provided, howeve r, that the City may also draw from other available funds to reimburse Storm Development for financing the one-half of the City's share at any time in whole or in part prior to the fifth anniversary date. The City agrees to utilize only the City's portion of the facilities for its own customers. The City shall make available to the District information regarding numbers and amounts of capacity committed to others from the Ci ty' s portion. e. It is expressly understood by all parties that the City shall have and retain the right to review and approve all plans and specifications and inspect construction, and to receive a credit towards the City's share of the capital costs of the regional facilities equal to its standard City fees for construction plan review and construction inspection undertaken by the City for which no charge by the City will be made in order to receive such credit. This amount will be a credit to the City's required reimbursement to Storm Development as set out in this section. H. The District shall establish rules and regulations concerning water conservation by the District's customers. Such rules and regulations shall equal or exceed the minimum corresponding policies and criteria of the City, as amended from time to time. A:SMMUD1.3-6 (1/2~/86)