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3 <br />4. Payment. [payment option A] Durham will invoice Orange from as irrnoices are received <br />from the selected construction contraetor for payments made or required to be made under <br />the-construction contracts. Orange will pay each invoice within thirty (30) days after it <br />receives it. [payment option B] Orange will reimburse Durham for-payments made or <br />required to be made under the construction contracts over- a 10-year period, beginning on <br />substantial completion, at an annual interest rate of 5%. [applicable to options a&b] Provided <br />however Orange shall not be required to pay for services that were not appropriately <br />authorized or ratified by-Durham or which Durham did not find to be satisfactorily performed <br />by the contractor, provided that-Durham will not be liable to Orange for making a finding of <br />satisfactoryperformance. Durham will inseri in the construction contracts a provision <br />stating, "Orange CountyYa N. C. political subdivision, is a third-party beneficiary of this <br />contract." <br />5. Construction Standards. In all respects except to the extent otherwise stated in this contract, <br />the construction will be done in accordance with (i) Durham standards, requirements, and <br />procedures,-including_approvals_of plans, conducting inspections, requiring tests and <br />certif cations, and requiring as-built drawings, and (ii) any applicable federal and state <br />standards. <br />6. Ownership of and Resnonsibilit<~ for Infrastructure. Durham wi-11 be the owner of and <br />responsible for the operation and maintenance of the infrastructure constructed under the <br />construction contracts. All construction contracts shall provide for dual indemnity of both <br />Orange and Durham. <br />7. Fees and Charges. As long as a particular property is located outside Durham's corporate <br />limits,. Durham will impose, process, and collect all fees and' charges-with respect to that <br />particular property, including acreage fees, connection charges, frontage charges, capacity <br />charges, and utility rates, as Durham charges on other locations outside- Durham's corporate <br />limits.. Except. to the extent specified otherwise, Orange will have no right to any of those <br />fees. and charges, and nothing in this agreement will affect the use or disposition of those fees <br />and charges. <br />8. Reduction in Payments from Orange. The acreage fees and frontage charges collected by <br />Durham from the Zone will be used towards payment of the design and the construction of <br />the infrastructure (collectively; the "Dedicated Receipts"). ("Acreage fees" means impact <br />fees (as defined in Durham- City Code sections 30-81 et seq.) that are based on area.) No <br />other fees or charges collected by Durham, such as capacity and connection charges, will be <br />used for that purpose. The amounts to be paid by Orange to Durham under paragraph 4 <br />above in a particular Year will be reduced by the Dedicated Receipts received by Durham in <br />that Year. If the Dedicated Receipts received by Durham in that Year exceed the amounts to <br />be paid by Orange under paragraph 4 in that Year, the excess Dedicated Receipts will be <br />carried forward and used similarly to reduce the amounts to be paid by Orange under <br />paragraph 4 in the following Years.• The Dedicated Receipts received only during the ten <br />Years beginning on the first July 1 after substantial completion of the relevant infrastructure <br />will be applied in this manner. Nevertheless, the ten Year period shall end on or before the <br />expiration of fifteen Years beginning on the first July 1 after the date of this contract. <br />Nothing herein means that Durham will make any payment to Orange on the ground that the <br />Dedicated Receipts exceed, in any Year or Years, the amounts to be paid by Orange under <br />