70-068 Ordinance - Laserfiche WebLink

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~*, < ., :~.~ ,. +` , multiplier $ . 07t-60 is the amount per annum necessary to amortize a principal amount of one dollar over the Contract Period of Years at the Contract Interest Rate.) (k) "Total Participation Charge" means the sum of the Federal Participation Charge plus the Local Participation Charge per annum. (1) "Federal Reduction Rate" means that amount equal to $ • 0760 multiplied by the difference between 100`I~ minus the percentage of the total Federal Participation Costs of all projects constructed by or financed in whole or in part by the OWDA, the construction of which has commenced prior to December 31, 1974, paid or committed to be paid from moneys granted by the United States of America pursuant to Section 8 of the Federal Water Pollution Control Act. (m) "Contract Interest Rate" means the rate of6-1/~ % per annum. (n) "Contract Period of Years" means the period of__ 30 calendar years commencing on the first day of January or the first day of July next following the completion of construction of the Project Facilities or the commencement of operation of the Project Facilities, whichever occurs first. ARTICLE II -PROPERTY INTERESTS IN PROJECT SITE AND PROJECT FACILITIES AND RIGHTS OF ACCESS THERETO Section 2.1. All real estate and interests in real estate and all personal property constituting the Project Facilities and the Project Site shall be acquired by and shall be the property of the LGA. Section 2.2. The LGA agrees that the OWDA and its duly authorized agents and the Federal Water Pollution Control Administration or its authorized agents shall have the right at all reasonable times to enter upon the Project Site and Project Facilities and to examine and inspect the same. The LGA further agrees that the OWDA and its duly authorized agents shall have such rights of access to the Project Site and Project Facilities as may be reasonably necessary to accomplish proper operation and maintenance of the Project Facilities pursuant to Section 5.8 hereof in the event of failure by the LGA to perform its obligations under Sections S.1 or 5.2 hereof. ARTICLE III -ACQUISITION OF PROJECT SITE, CONSTRUCTION OF PROJECT FACILITES AND PAYMENT OF COSTS THEREOF Section 3.1. Subject to the terms and conditions of this Agreement, the LGA shall do all things necessary to acquire the Project Site and to construct the Project Facilities in accordance with the Approved Application therefor and the surveys, plans, profiles, cross sections and specifications approved by the OWDA pursuant to Section 3.7 hereof provided, however, that in the event the bids on the initial construction contract exceed the estimates therefor, either the OWDA or the LGA may at its option elect in writing to terminate this Agreement thereby releasing the parties hereto from any further obligations or liabilities hereunder except as otherwise provided in Section 3.6 hereof. In connection with the construction of the Project Facilities, the LGA agrees that: (a) Actual construction work will be performed by the lump sum (fixed price) or unit -4-