07 - Laserfiche WebLink

"Water System" means all facilities for the conveyance of Water now owned by the City and all other properties, structures or works hereafter acquired and constructed by the City and determined to be a part of the Water System, together with all additions, betterments, extensions or improvements to such facilities, properties, structures or works or any part thereof hereafter acquired and constructed ARTICLE II THE PROJECT SECTION 2.01 Design. Acquisition. Construction and Sale of the Project The Authority hereby agrees to design, acquire and construct the Project for, and to sell the Project to, the City. In order to implement this provision, the Authority hereby appoints the City as its agent for the purpose of such design, acquisition and construction, and the City hereby agrees to enter into such engineering, design and construction contracts and purchase orders as may be necessary, as agent for the Authority, to provide for the complete design, acquisition and construction of the Project The City hereby agrees that as such agent it will cause the acquisition and construction of the Project to be diligently completed after the deposit of funds in the Acquisition and Construction Fund for such purpose pursuant to Section 2 12 of the Trust Agreement, and that it will use its best efforts to cause the design, acquisition and construction of the Project to be completed as soon as reasonably practicable The Authority hereby agrees to sell, and hereby sells, the Project to the City The City hereby agrees to purchase, and hereby purchases, the Project from the Authority on the terms and conditions specified herein Notwithstanding the foregoing, it is hereby expressly understood and agreed that the Authority shall be under no liability of any kind or character whatsoever for the payment of any costs or expenses incurred by the City (whether as agent for the Authority or otherwise) for the acquisition and construction of the Project and that all such costs and expenses shall be paid by the City, regardless of whether the funds deposited in the Acquisition and Construction Fund are sufficient to cover all such costs ARTICLE III 2017 INSTALLMENT SALE PAYMENTS SECTION 3 01 Purchase Price (a) The Purchase Price to be paid by the City to the Authority hereunder is the sum of the principal amount of the City's obligation hereunder plus the interest to accrue on the unpaid balance of such principal amount from the date hereof over the term hereof, subject to prepayment as provided in Section 3 03 (b) The principal amount of the Purchase Price to be paid by the City to the Authority hereunder is Seven Million Four Hundred Thousand Dollars ($7,400,000) (c) The interest to accrue on the unpaid balance of such principal amount shall be paid by the City as and shall constitute interest paid by the City on such principal amount SECTION 3 02 Payment of 2017 Installment Sale Payments The City shall, subject to prepayment as provided in Section 3 03, pay the Authority the Purchase Price, without 7 2762682 3