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<br />: ' <br /> , ' <br /> fo;1- <br /> GBRA is willing to acquire, construct, operate and maintain a <br /> raw water delivery system capable of delivering the raw water the <br /> Parties contemplate treating for municipal use by the Parties and <br /> their respective customers at the water treatment facilities to be. <br /> constructed by the City. <br /> The Parties have agreed that the water treatment fÇ:lcilities <br /> and the raw water delivery system comprising the San Marcos <br /> [ Regional Water Supply Project should be jointly owned as provided <br /> herein. <br /> GBRA and the City have agreed to contract through this <br /> Agreement in such a manner that will allow each of the Parties to <br /> receive sufficient annual payments to cover their respective costs <br /> to provide the services contemplated herein, to pay the annual <br /> operation and maintenance expenses of the respective facilities, <br /> and to pay the entire principal and interest on the various bonds <br /> issued by the Parties to acquire, construct and operate the <br /> facilities contemplated herein. <br /> GBRA and the City anticipate that other entities may in the <br /> future desire to obtain treated surface water on a contract basis <br /> from the Project. This Agreement further sets forth terms and <br /> conditions relating to the supply and treatment of.additional raw <br /> water to the Project for supply of treated surface water to such <br /> other entities. <br /> Agreement <br /> For and in consideration of the mutual promises, covenants, <br /> obligations, and benefits described in this Agreement, and other <br /> good and valuable consideration the receipt and sufficiency of <br /> - :which is hereby acknowledged by the Parties, the City and GBRA <br />I agree as follows. <br />i Section 1. Definitions. <br /> The following terms and expressions as used in this Agreement, <br /> unless the context clearly shows otherwise, shall have the <br /> following meanings: <br /> (1) "Annual Payment Period" means the period beginning on <br /> October 1 of each calendar year and ending on the last <br /> day of September of the next calendar year. <br /> (2) "Canyon Lake Water" means the water to be delivered to <br /> the City by GBRA pursuant to the City's Raw Water <br /> Contract. <br /> (3) "City's Raw Water Contract" means that certain contract <br /> dated October 10, 1989 by and between GBRA and the City, <br /> providing the City with a commitment of stored water from <br /> -2- <br />