Minutes - 19770118 - Laserfiche WebLink

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~. ~"~ ~9hereas the Town of Chapel Hill, a municipal corporation, and the Town of Carrbora, a municipal corporation, and the County of Orange, entered into on tdovember 30, 1972, an agreement for the acquisition and opera- tion of a solid waste disposal facility, and P7hereas it is necessary in order to comply with generally accepted accounting principles that the facility be operated as an Enterprise Fund with a Capita]. Equipment ~teserve Account into which annual payments equal to annual capital equipment depreciation are made, and tVhereas.under the current agreement this would require two separa£e accounts be maintained and double depreciation taY.en; Now, therefore, in consideration of the mutual covenants and agreements ~~ hereinafter set forth and the ca-~enants and agreements contained in the - .original document of P7ovember 30, 1972, encept as herein modified, the Parties da covenant and agree, each with the other, to amend clause 5.c. of the agreement of Ttavember 30, 1972, far the acquisition and operating of•a solid waste disposal facility to read as follows: Annual payments in amount equal to annual depreciation of capital equipment shall be made to a Capital Equiprent Reserve Account in accordance with generally accepted accounting principles far an Enterprise Fund. IV WITNESS TdHEREOF, the Parties have hereunto caused this Fmendment to their Agreement to be executed in their respective names by their appro-- --- priate officers and their official seals attached, all by order of ti:eir respective governmental bodies. This the day of 1977. ~~ ., I, ;:~. ,. ~ Town'of Chapel Hill • , r' ,• . t Town Clerk I'~aY •? `~ ~ ` Town of Carrbara Town Clcxl: a r ' /~ .:. ' ~,~~ ~ ~~ ~ ~~"~'~, County of Orange C c:x.' to 'Boa " c• ~ Chairr.:an _ ~ ~^ of .Corrunis5o~e~s