Res 2007-050 - Laserfiche WebLink

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I I statements. the parties acknowledge that when the Utility System is incorporated into CIty's existing munIcipal water utility system, City, as a home rule municipality. shall have the sole legal authority to seek rates for the Utility system without regard to Invested capital subJect only the Commission's limited appellate Jurrsdlction over rates to Users outside City's corporate limits 10. TRANSFER OF WATER RIGHTS BY CITY After the date this Agreement becomes effective the City will transfer sufficient EM water rights to the Utility to enable Utility operalton to proceed without the Utility exceeding their EM permit limit for 2007 The cost or such transfer of rrghts, submiSSion of application to EM, and other associated costs will be borne by the City In the event that TCEQ does not approve the sale the utility shall pay a lease rate of $100 per acre foot for the leased rights ThiS payment will be ror use of such rrghts, as approved by the EAA, through the end of 2007 11. COST OF OBTAINING REGULATORY APPROVAL. The City shall bear the cost of all attorneys and/or other consultants retained by or assisting It in entering into thiS agreement or In obtaining TCEQ approval thereof Sellers shall bear the cost of a/I attorneys and/or other consultants retained by or assisting It In entering into thiS agreement or In obtaining TCEQ approval thereof With the exception of the Edwards Aquifer permit and CCN, It is not anticipated that any permits or licenses reqUired to operate the utility system which are now held by Utility In its name will have to be transferred to City To the extent that such transfers must be made, Including the permit from the Edward's AqUifer AuthOrity and CCN, City shall make such application or changes and bear all costs associated therewith I Page 9 of 12