RES 97131 - Laserfiche WebLink

1 18.1 The parties acknowledge that LAVWMA has not completed its planning and 2 design process, including certification of an Environmental Impact Report and 3 development of a financing plan for the Export Expansion Project. 4 18.2 EBDA agrees to hold interruptible capacity available for LAVWMA's use as 5 described in this Agreement until December 31, 1999, for the following consideration: 6 18.2.1 Effective October 1, 1997, LAVWMA shall make quarterly 7 payments to EBDA equal to the interest that would be earned in EBDA's Local Agency 8 Investment Fund Account held by the State Treasurer on the sum of $3,000,000. 9 18.2.2 EBDA will issue a detailed invoice for tfie interes# payment to 10 LAVWMA on or about the 15th of January, April, July, and October beginning January 11 15, 1998 through January 15, 2001. 12 18.3 At any time until December 31, 1999, LAVWMA can exercise its option to 13 proceed by paying $3,000,000. Such payment shall terminate the interest payments 14 specified in Paragraph 18.2.1. 15 18.4 At any time until December 31, 1999, LAVWMA may cancel this Agreement 16 by written notice to EBDA. Payme~'C described in Paragraph 18.2 shall apply from 17 October 1, 1997 until the date of receipt of said written notice from LAVWMA. In addition, 18 LAVWMA shall haue the'cight:to extec~d ats option to proceed uhtil .December 31, 2QOQ by 19 prepaying on or before December;3't, '1;_:999 tr~terest'an ~n amount equal to the sum of 20 four times the amount of the last full quarterly interest payment in accordance to 21 Paragraph 18 2 ire the event of such extension; the;right to make the ;payment spec~ted 22 in 1`+ara~raph 18.3 and to cancel as stated in :Paragraph ,1.13 4 sfiall be ~xeccised be~re 23 OeCerr~ber 31, .~~(10.. arid: paymenf ohligaUons :ril::.ParagrapEt; 5 ~1.;~'~i~talf commence 24 JtEt~ ''1, '2001: ra rev. o per ~omt mtng o t cto er 1 ,