Orange County NC Website
Browse       Search
10 <br /> ( 8) <br /> ( 4 ) For the Level II portion of the allocation, the <br /> Allocation Holder must pay its proportional share of the interest <br /> on January 1 , 1993, and continuing yearly until the Level II <br /> allocation is changed to a Level I allocation. At that point the <br /> Allocation Holder must pay the investment cost of this new Level <br /> I allocation either ( 1 ) in one installment with no interest <br /> charged from the date of the last installment or ( 2 ) in equal <br /> annual installments from the next January 1 until January 1, <br /> 2012. <br /> ( 5) An estimated schedule of payment options is shown <br /> in Exhibit A. <br /> ( 6 ) If the Allocation Holder decides to make annual <br /> payments under ( 3 ) and/or ( 4 ) above and then fails to make <br /> payments under this contract, the State may terminate this <br /> contract and rights of the Allocation Holder to make withdrawals . <br /> (b) Major Replacement Costs. <br /> ( 1 ) Amount. The Allocation Holder shall pay <br /> /. ° percent of the State' s share of major replacement costs, <br /> which is equal to 2. 8 percent of the total cost to the <br /> Government. <br /> ( 2) Payment. Payment of major replacement costs, <br /> including interest during construction, shall be made in a lump <br /> sum upon completion of construction. <br />