Agenda - 08-19-2003-8i - Laserfiche WebLink

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in election by the voters of Orange County on November 8, 1966, to express 5 their approval, or disapproval, of the issuance of the said $400, 000 of bonds. Z. That the County obligates itself to make payments. of the principal and interest of said bonds until all of same are retired. 3. That as a part of the consideration of this agreement, the City of Mebane, party of the second part, agrees to pay to Orange County all of the income received from water and sewer users who may have tapped on the line constructed by the party of the first part until such time as the $400, 000 principal and the interest thereon has been paid in full. That upon said payment in full to the party of the first part it is mutually understood and agreed by the parties hereto that the water lines and sewage lines, together with such equipment and additions as have been constructed, will then be conveyed to the party of the second part, and the party of the first part will thereafter have no interest or control in said water and sewer lines' And to carry out said agreement, and as a part of the consideratio hereof, the party of the second part, to -wit, City of Mebane, agrees: 1. To furnish water and sanitary sewer treatment for the industrial park area, and to maintain the water lines and the sewer lines in perfect repair and condition. 2. To pay annually to the party of the first part, to -wit, Orange County, all of the income received from water and sewer users who have tapped and are served by the lines both water and sewer to be constructed from the proceeds of the $400, 000 bond issue until the said amount of $400, 000 principal and the interest thereon which may accrue during the lifetime of the bonds has been paid in full. 3. Further the Town of Mebane agrees to negotiate, if water capacity is available, for extensions of present lines to additional interested users of water and sanitary sewer services. It is understood and agreed that -2-