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ap.p. roximately $3.2 million dollars as payment for accepting ti~ <br /> esbmated 2.3 MGD of wastewater that is expected to result from ti; <br /> aforementioned plant conversions. To satisfy the federal local marc <br /> requirement of 45%, the City will forego the PSA payment of $1,583,75 <br /> of the capacity buy-in fee that would otherwise be due and payable fror <br /> the Henry County PSA. <br /> 3. PSA Obligation: The City agrees to defer the remaining estimate~ <br /> capacity buy-in fee of $1.6 million dollars for five years in lieu of annua <br /> interest payments at 2% of the principal balance. Beginning in year si: <br /> (6), a repayment schedule of up to 10 years will be established, if th( <br /> capacity is still needed. The repayment calculations shall include ar <br /> annual interest charge of 2%. If capacity above the aforestated estimate <br /> of 2.3 MGD is purchased initially, the deferred buy-in fee and payments <br /> will be adjusted accordingly. <br /> <br />By affixing their signatures hereto, the General Manager of the Henry County <br />Public Service Authority (PSA) and the Martinsville City Manager acknowledge <br />that this MEMORANDUM OF UNDERSTANDING accurately sets forth the project <br />elements which were agreed to in principal at their January 25th meeting and will <br />form the basis for the official application that must be made to the United States <br />Environmental Protection Agency to secure the grant funds referenced herein. <br />Both parties also acknowledge that their respective governing bodies must give <br />final approval to this plan before it can bind either party. <br /> <br /> City of Mar~insville <br /> <br /> <br />