Res 2005-185 - Laserfiche WebLink

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I I I I 3 Section 4, DeSIgn. Construction. Operation and Maintenance. and OwnershIP of the Plant, subsectIOn (3) of the RegIOnal Project Agreement is amended m its entirety to read as follows. (3) Plant OwnershIp The CIty shall hold legal tItle to the Plant mcluding all propertIes, nghts of way, easements and any other mterest m real property acqUIred for the Plant, durmg the eXIstence of: A) any ProJect Debt Instruments Issued by the CIty for the acqUIsItIon and construction of the imtIal phase of the Plant, or B) any GBRA Plant Expansion Debt Instruments. GBRA shall have the nght to prepay or defease any GBRA Plant ExpanSIOn Debt Instruments m accordance wIth the terms of such Instruments. After the ProJect Debt Instruments Issued by the CIty for the InItIal phase of the Plant and the HutIal GBRA Plant Expansion Debt Instruments have been fully paId, redeemed or defeased, such that the City has no outstanding debt for the Imtial phase of the Plant or the InItial GBRA Plant ExpanSIOn, the CIty shall convey to GBRA, at no cost to GBRA, legal tItle to an undIVIded Interest In the Plant equal to GBRA's percentage Interest In the total treatment capacIty of the Plant at that tIme. Such conveyance shall be by wntten instrument In recordable form. After the transfer of legal tItle contemplated by thIS SectIOn 4, tItle to undIVIded Interests In the Plant follOWIng each future expansion of the Plant shall be owned by the Parties based upon the proportionate amount of Plant capacIty that each Party has requested and paId for, and the PartIes agree to execute and record, at no cost to one another, written conveyances of undIvIded Interests in the Plant upon completIOn of constructIOn and payment of the cost of such expanSIOns. 4 SectIOn 23A, Payments for GBRA Plant ExpansIOns, IS added to the Regional ProJect Agreement to read as follows SectIOn 23A. Payments for Plant ExpansIOns. Rates charged by the CIty to GBRA for water treatment at the Plant shall Include, as a base rate component, payments to the City for each GBRA Plant ExpansIOn that are sufficIent to A) cover the CIty'S payment oblIgatIOns under any GBRA Plant ExpansIOn ProJect Debt Instruments for the cost of the desIgn and construction of all GBRA Plant Expansions, Including expenses for debt issuance and forgone Interest on the amounts of CIty funds expended towards the cost of the desIgn and constructIOn of all GBRA Plant ExpansIOns pnor to Issuance by the CIty of the GBRA Plant ExpansIOn ProJect Debt Instruments, and B) maIntaIn balances In any speCIal or reserve funds required by the provIsIOns of any GBRA Plant ExpansIOn Project Debt Instruments. 5 Section 23B, Payment for AddItIonal FIlter, is added to the Regional ProJect Agreement to read as follows