Minutes 12/07/1973 - Laserfiche WebLink

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i (.- J .J ~ FRIDAY DECEMBER 7~ 1973 facility and the Authority agrees to pay to the City therefore 12-1/2 per cent of the total historical project cost of said existing facility, which term shall be defined as the total cost necessary to execute the project including costs for professional services, administration, land, construction, inspection, supervision, fiscal matters, interest, which cost amounts to $250,484.57, and such other costs as may be mutually agreed to by the contract parties, at such time and upon such terms as shall be hereinafter determined by mutual agreement by the parties hereto, and the City does further allocate in perpetuity to the Authority 33-1/3 per cent of the total capacity of the proposed and upgraded sewerage facilities and the Authority agrees to pay to the City therefor 33-1/3 per cent of the total local historical project cost of the said expansion according to the definition of said terms heretofore set forth. In the event that either party hereto needs additional allocation of capacity and said capacity is available it shall be conveyed by the other party according to the terms above. A party shall be deemed to need additional capacity allocation when it reaches or exceeds 90 per cent of its allotted capacity allocation for a period of three consecutive months and additional capacity allocation shall deemed to be available from the other party if it has not reached 90 per cent of its allotted capacity allocation. .- The parties hereto hereby bind themselves to the foregoing terms, and do hereby further bind themselves to enter into an agreement within sixty days from the above date setting forth the additional terms necessary to implement their agreement and setting forth the terms and conditions under which sewage and other wastes will be transmitted from the Authority's system to the City's system and thereafter treated in accordance with the rules and regulations of the Virginia State Water Control Board. In the event that the parties hereto are unable to reach agreement upon any of the aforesaid matter within sixty days as required hereunder, they agree that any such matter shall be submitted to an arbitration board consisting of three members, one to be selected by the City, one to be selected by the Authority, and the third to be selected by the other two, and the parties hereto agree to be bound by any decision rendered by said arbitration board. IN WITNESS WHEREOF, the City of Martinsville, Virginia, has caused this instrument to be executed by Harry L. Boaz, its Vice Mayor, acting in the absence of Francis T. West, and its corporate seal affixed hereto, attested by W. H. Yeaman, its Clerk of Council, and the Henry County, Virginia, Public Service Authority has caused this instrument to be executed by John G. Adkins, its Chairman, and its seal affixed hereto and executed by Robert W. Grant, its Executive Director. - Council was adjourned. " w. ~Cle~k of Council