Agenda - 10-21-1997 - 11c - Laserfiche WebLink

Browse Search

59 time: it includes, as of the date of this Agreement, all such policies now in place and the policies incorporated in the framework attached as Exhibit E. "Solid Waste System"means all assets, including both real and personal property, used from time to time in the conduct of the functions of collecting and processing Recyclables, reducing solid waste, disposing of Solid Waste and mulching, composting and re-using Solid Waste, and includes both (a) the Existing System Assets and (b) all moneys and investments related to such functions. "State"means the State of North Carolina. "System Debt"means all obligations incurred or assumed by the County in connection with the ownership or operation of the System for payments of principal and interest with respect to borrowed money, without regard to the form of the transaction, and specifically including leases or similar financing agreements which are required to be capitalized in accordance with generally accepted accounting principles. System Debt is "Outstanding" at all times after it is issued or contracted until it is paid. "System Employees"means employees of Chapel Hill directly engaged in carrying out the business of the Solid Waste System (but expressly not including employees of Chapel Hill's sanitation department). "System Management Facilities"means those assets of the Solid Waste System used to provide final disposal of solid waste,such as landfills. "System Revenues" means all amounts derived by the County from the imposition of rates, fees and charges for the use of, and for the services furnished by,the Solid Waste System. "Towns"means,collectively, Canboro, Chapel Hill and Hillsborough. "Transfer"means the conveyance of the Existing System Assets to the County pursuant to the Transfer Agreement in accordance with Article II. "Transfer Agreement"has the meaning assigned in Section 2.01.