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D12 /11F V <br /> 3 <br /> The COUNTY will proceed with the survey, appraisal and <br /> purchase of properties needed for reservoir construction. <br /> The TOWN will execute a payback agreement with the COUNTY <br /> for funds expended by the COUNTY for property survey, <br /> appraisals and legal fees, land purchases and for fair <br /> market value for utilized lands presently owned <br /> by the COUNTY. The monies plus interest owed the COUNTY <br /> will be amortized over the same time period and at the <br /> same interest rate as the bonds utilized by the COUNTY <br /> for the above referenced expenditures. Title for said <br /> property will be held by the COUNTY until final <br /> amortization of all funds owed by the TOWN to the <br /> COUNTY, at which time title to all reservoir lands will <br /> be conveyed to the TOWN. All funds for amortization <br /> shall be obtained through the rate structure for finished <br /> and raw water supply sales to customers of the <br /> TOWN and its water supply system. <br /> The TOWN and COUNTY will enter into an AGREEMENT with <br /> ORANGE/ALAMANCE WATER COMPANY relative to the supply of <br /> finished or raw water to ORANGE/ALAMANCE and the <br /> development of alternative water supplies on watersheds <br /> other than the ENO RIVER. <br /> The TOWN agrees to limit, to the maximum practicable <br /> extent, the out-of-basin transfer of water from the Eno <br /> River basin and to limit its out-of-basin customers <br /> utilizing the Eno basin water supply to the <br /> Orange/Alamance water system. <br /> The TOWN will be the sole owner of the reservoir and <br /> water contained, and will withdraw and release reservoir <br /> water in accordance with the needs of the TOWN water <br /> supply system, and in accordance with the Eno River <br /> Capacity Use Agreement requirements for both present and <br /> future maximum Eno River basin raw water withdrawals and <br /> minimum instream flow. <br /> The COUNTY will own and control in perpetuity those lands <br /> purchased around the normal reservoir pool for use as a <br /> park or recreation area. Additionally the County will <br /> control the recreation aspects of the surface of the <br /> reservoir, with the agreement that this surface <br /> recreation is secondary to water supply and usage <br /> concerns. <br /> The COUNTY and TOWN will enter into an AGREEMENT <br /> relative to the expansion of the reservoir as required to <br /> accommodate economic development in the reservoir service <br /> area. <br /> The TOWN agrees to keep the COUNTY informed as to the <br /> status of reservoir development with regard to the <br />