Res 2003-217 - Laserfiche WebLink

Home Browse Search

4) For the period commencing on January 1, 2004 and ending on June 30, 2005, GBRA agrees to pay to the City 50% of the "Difference," if any, between the calculated "Annual Capacity Requirement" and the actual "Reservation Capacity Revenue," as those terms are defined and illustrated in the examples attached to the Letter Agreement. For the period commencing on July 1, 2005 and ending on January 1, 2007, GBRA agrees to pay to the City 100% of the "Difference," if any, between the calculated "Annual Capacity Requirement" and the actual "Reservation Capacity Revenue," as those terms are defined and illustrated in the examples attached to the Letter Agreement. However, if the Reservation Capacity Revenue exceeds the Annual Capacity Requirement, no such payment w/il be required of GBRA. GBRA will make any required payment to the City within 30 days of receiving a statement and spreadsheet from the City reflecting the "Difference" as of the end of each calendar year. The change from 50% to 100% under this paragraph will be computed on a monthly basis during calendar year 2005. 5) GBRA wilt send the Ci.t3' a !e~er in January and July of each year stating the amount of the total Canyon Reservoir commitments (including conunitments by letter of intent or equivalent, as well as executed stored water purchase contracts) as of the date of the letter. 6) GBRA agrees that the City shall have the following rights during the "City Commitment Period," as defined in paragraph 7 below: The City shall continue to have its right to increase its Annual Commitment from time to time, as it is provided in the Water Purchase Contract, pursuant to subparagraphs A. 1 or A.2 of the Water Purchase Contract; and b) The City shall have the right, if the Atmual Conunitment is increased pursuant to subparagraphs A.1 or A.2 of the Water Purchase Contract, to thereafter reduce the Annual Commitment from time to time to a level desired by the City, but such new Annual Commitment shall not be less than 5,000 acre-feet per year. 7) For purposes of this Letter Agreement, the "City Commitment Period" referred to in Paragraph 6 above shall commence on the effective date of this Letter Agreement and shall terminate on the earlier of the following dates: The date (the "Avaiiabitity Expiration Date"), as determined by GBRA, after which GBRA will no longer be able to commit that the "Additional Amount" (defined as the difference in acre-feet per year between the then-current Annual Conmfitment, and 10,000 acre-feet per year) will be available to the City from storage in Canyon Reservoir on a firm yield basis (provided, that this date will in no event be earlier than January 31, 2007); or b) The date of termination of the Water Purchase Contract. 8) During the City Commitment Period, GBRA will notify the City in writing of its determination of an Availability Expiration Date not less than 18 months prior to that date. If GBRA gives the City such notice, the City will have sixty (60) days to determine by how