Res 1999-031 - Laserfiche WebLink

Home Browse Search

Jnlerlocal Agreement, which have not been utilized to acquire groundwater within the calendar quarter of withdrawal, shall be refunded to the RWRDG participant, but the interest shall accrue to the RWRDG operating fund. Section 15. Forfeiture of Deposits for Edwards Aquifer Groundwater Withdrawal Rights Orders RWRDG participants which fail within thirty (30) days pay their share of the acquisition costs for their allocated share of Edwards Aquifer groundwater withdrawal rights acquired by the R WRDG, shall forfeit their deposits and shall not be allocated any groundwater withdrawal rights. The allocated share of R WRDG participants which fail to pay their deposits as specified herein shall be reallocated to other R WRDG participants as other- wise specified herein. Section 16. Payment of Outstanding Balance for Transfer of Allocated Share of Edwards Aquifer Groundwater Withdrawal Rights Acquisitions from Administrator to Participants Once the Administrator has determined each R WRDG participant's pro rata share of each calendar quarter's Edwards Aquifer groundwater acquisitions, the Administrator shall notify the participant. The participant shall be required to forward monies in the amount of the difference, if any, between the participant's deposit and the calendar's weighted average actual acquisition price to the Administrator within thirty (30) business days. On receipt of the monies, Administrator shall transfer ownership of each RWRDG participant's allocated share of the quarterly acquisitions to the participant. Section 17. RWRDG Operating Fund An administrative charge in the amount of one (1) percent of monies estimated pursuant to Section 14 herein shall be collected from all RWRDG participants at the time such monies are due and shall comprise the operatIng fund of the R WRDG to be placed by Administrator in an earmarked operating account and to be utilized by the Administrator in the fulfillment of its duties as specified in the RWRDG Interlocal Agreement and herein. At the end of the Administrator's fiscal year, any surplus or shortage will be reimbursed or charged to participants on a pro rata basis. Section 18. RWRDG Budget The fiscal year of the RWRDG will be July 1 through June 30. The Administrator shall propose an annual budget for the operation of the R WRDG and shall circulate the proposed budget to the RWRDG participants prior to consideration by the Management Council. \ \COSER VER\DA T A \LEGWP\PBB\ACQUISIT\ropes.j99 .doc 7