2002-089 Ordinance - Laserfiche WebLink

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Subsection 2.02 of the Capital Charges AgreemeYrt is hereby amended, and as amended, sha11 read in its entirety as follows: "2.02 Joint use Facilities Debt. North Olmsted's "Joint Use Facilities Debt" means: (a) 68.090/o of the $2,442,596 OWDA loan under an agreement dated June 30, 1970 (the 1970 OWDA Loan"), being a loan from the OWDA to North Olmsted contracted for the purpose of providing funds to pay costs of constructing improvements to the capacities of all wastewater treatment plant unit processes and their appurtenances of the Joint Use Facilities; and (b) 94.7342% of the aggregate principal amount of the $4,000,000 Sanitary Sewerage System Improvement Bonds, dated October l, 1985 (the "1985 Bonds"), being the only general obligations bonds of North Olrnsted issued prior to January 1, 1987, without a vote of its electors, to provide funds to pay costs of constructing improvements to the Joint Use Facilities; and (c) 7.58% of the $16,350,000 in sewer revenue bonds (the "1996 Sewer Revenue Bonds"), being the bonds issued to pay short term notes for loans made to the City for various sanitary and storm sewer improvement projects, included, but not limited to: (1) the wastewater disinfection capital improvement; (2) the new natural gas main distribution system capital improvement; (3) the new water, gas and electric services capital improvemerrt; and (4) the wet stream, odor control, electrical distribution and process control capital improvement; and (d) 100% of a$2,541,500.74 no interest 1996 OPWC loan made to the City for the following sanitary sewer improvement projects: (1) the wastewater disinfection capital improvement; (2) the new natural gas main distribution system capital improvement; (3) the new water, gas and electric services capital improvement; and (4) the wet stream, odor control, electrical distribution and process control capital improvement. 2.10 Georgette Debt The Capital Chaxges Agreement is hereby amended to include a new section 2.10, entitled "Georgette Debt," which shall establish a new and separate debt service obligation of the City of Fairview Park to the City of North Olmsted, over and above that for the Joint Use Facilities Debt as set forth in Section 2.00, for the 1996 East Interceptor Sanitary Sewer capital improvement. This new section sha11 read in its entirety as follows: "2.10 Georgette Debt. The City of North Olmsted and City of Fairview Park mutually acknowledge and agree that the City of Fairview Park sha11 pay to the City of North Olmsted the sum of $596,786.89, together with interest, in connection with the City of North Olmsted's 1996 East Interceptor Sanitary Sewer ("Georgette") capital improvement. In connection with this improvement, the City of North Olmsted incurred debt in the form of a$1,060,794.66 1997 OWDA loan, at an page 3