Laserfiche WebLink
4. Reservoir. The City agrees to construct on the reservoir <br />site described in Section 2 above an approximate 1.8 million gallon <br />reservoir at such time as City deems appropriate. The City will <br />use its best efforts to accomplish this work as soon as funding <br />permits. <br /> <br /> 5. Connection Fee Su~qba~.~e. The City agrees to establish <br />as soon as possible a water connection fee surcharge of at least <br />$1,375 per connection for all new connections to the City water <br />system in the study area in th~ Bonde zone or higher elevations <br />(the area benefitted by the proposef5 reservoir}. This fee will <br />not apply to the Grey Eagle developmerit (Tract 5~89) or the R & W <br />Ranch development (Tract 5188). If for any reason the City's <br />authority to impose the water co~nection tee surcharge is impaired <br />by changes in State law, City will pursue altl=~rnate methods of <br />obtaininq contributions from futur'c. developers, inc]udinq its power <br />to acquire subdivision exactions. <br /> <br />6. Reimbursement. <br /> <br />A. Amount of Reimbursement <br /> <br />In recognition that ~he Subdivjder's initial contribution <br />of $112,000 exceeds his proportionate share of $38,500, <br />the City agrees to reimburse the difference of $73,500, <br />subject to receipt of surcharge connection fee as <br />described above. <br /> <br />B. Method of Reimbursement <br /> <br />The City will annually on approximately the 1st of <br />February pay the Subdivider 28/67 times the total <br />surcharge fees, as described in Section 5 above, <br />collected during the preceding calendar year. <br />Reimbursement will continue in this fashion until <br />Subdivider has been reimbursed the full $73,500, <br />increased annually by 12% per annum interest on the <br />remaining balance. Howcver, the City's obligation <br />to reimburse Subdivider pursuant to this section <br />terminates as of January 1, 2000. <br /> <br /> 7. Security. The perfoNm-~nce of this Aqreement shall be <br />secured by security to be a[;p. roved oy the Cjtb, Attorney and which <br />may include any of the forms of sectlrl ty permitted by the Subdivision <br />Map Act. <br /> <br /> 8. Related Contracts a(lj! Pr'7~he,~din.gs. Any prior contracts <br />between City and Subdivider and any prior abprovais by Boards, <br />Commissions or Council of City shall not be affected by the provisions <br />of this Agreement unless spe<.?~fic modj fj. cat lon is set forth herein. <br /> <br /> 9. Time of Essence. <br />of this Agreement. <br /> <br />t!~e performance <br /> <br /> <br />