2002-089 Ordinance - Laserfiche WebLink

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interest rate of 4.12% per annum, with semiannualloan repayment installments that commenced on June 1, 1997. The City of Fairview Park's portion of this debt service, as above-stated, is a new and separate capital charge owed by Fairview Park to North Olmsted, over and above the capital charges and surcharges provided for in Sections 2.00 and 3.00 of the Capital Charges A.greement, and is to be paid to the City of North Olmsted, according to the debt service schedule for this debt which is set forth in Appendix II. The City of North Olmsted and the City of Fairview Park each expressly acknowledge and agree that, for good and valid reasons, they have mutually agreed that City of Fairview Park's sha11 pay the above-stated share of the debt service for the Georgette capital improvement which has been determined by a method of calculation which is different than that employed to determine the City of Fairview Park's share of the debt service for Joint Use Facilities Debt as described in Section 2.00 and calculated in Section 3.00 of the Capital Charges Agreement." 3.03 Calculation of Semiannual Capital Charge Paragraphs (c) and (d) only of subsection 3.03 are hereby amended, and, as amended, these two paragraphs shall read as follows: "(c) "Joint Use Percentage" means the percentage of that bond issue or loan obligation relating to 7oint Use Facilities, being 68.09% with respect to the 1970 OWDA loan, 94.73421/6 with respect to the 1985 bonds, 7.58% with respect to the 1996 Sewer Revenue Bonds, and 100% with respect to the no interest 1996 OPWC loan; (d) "Service Area Daily Flow", for a11 pre-1987 debt, means the average daily flow of wastewater from the Service Area to the North Olmsted Sanitary Sewer System during 1987, and, for a11 post-1987 debt, means the average daily flow of wastewater from the Service Area to the North Olmsted Sanitary Sewer System during the years 1992-1996 inclusive; °Tota1 Design Capacity means, for both pre-1987 debt and post-1987 debt, the current total design capacity for daily flow of the wastewater treatment plant of the North Olmsted Sanitary Sewer System which equals 7,000,000 gallons per day; and, for pre-1987 debt, the ratio of the Service Area Daily Flow (366,509.589 gallons per day) to the Tota1 Design Capacity (7,000,000 gallons per day) equals 523590/o, and, for post-1987 debt, the ratio of the Service Area Daily Flow (387,730 gallons per day) to the Total Design Capacity (7,000,000 gallons per day) equals 5.539%." 4.01 Effective Date and Term. Paragraph 4.01 of the Capital Charges Agreement is hereby amended, and, as amended, shall read in its entirety as follows: "4.01 Effective Date and Term. This Capital Agreement shall take effect as of January 1, 1991, and shall remain in effect until December 1, 2016, unless and until it is earlier rescinded by action of both North Olmsted and Fairview Park." page 4