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- <br /> r <br /> an election by the voters of Orange County on November 8, 1966, to express <br /> their approval, or disapproval, of the issuance of the said. $400, 000 of bonds. <br /> 2. That the County obligates itself to make payments of the <br /> principal and interest of said bonds until all of same are retired. <br /> 3. That as a part of the consideration of this agreement, the <br /> City of Mebane, party of the second part, agrees to pay to Orange County <br /> all of the income received from water and sewer users who may have tapped <br /> on the line constructed by the party of the first part until such time as the <br /> $400, 000 principal and the interest thereon has been paid in full. That upon <br /> said payment in full to the party of the first part it is mutually understood <br /> and agreed by the parties hereto that the water lines and sewage lines, <br /> together with such equipment and additions as have been constructed, will <br /> then be conveyed to the party of the second part, and the party of the first <br /> part will thereafter have no interest or control in said water and sewer liras. <br /> And to carry out said agreement, and as a part of the consideration <br /> hereof, the party of the second part, to-wit, City of Mebane, agrees: <br /> 1. To furnish water and sanitary sewer treatment for the <br /> industrial park area, and to maintain the water lines and the sewer lines in <br /> perfect repair and condition. <br /> 2. To pay annually to the party of the first part, to-wit, Orange <br /> County, all of the income received from water and sewer users who have <br /> tapped and are served by the lines both water and sewer to be constructed <br /> from the proceeds of the $400, 000 bond issue until the said amount of <br /> $400,000 principal and the interest thereon which may accrue during the <br /> lifetime of the bonds has been paid in full. <br /> 3. Further the Town of Mebane agrees to negotiate, if water <br /> capacity is available, for extensions of present lines to additional interested <br /> users of water and sanitary sewer services. It is understood and agreed that <br /> -2- <br /> E <br /> +.+�;ww�r• ..�- ..-•r+.-� .- ..�........��- r_. �_ -TJ.-.�•.^tom - .��.r_ .r. .,_.-.__._ <br />