91-047 Ordinance - Laserfiche WebLink

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to tfie Joint Use Facilities Debt, representing the costs of certain prior capital improvements to the North Olmsted Sanitary Sewer System which benefit the Service Area, which capital charges shall be determined in accordance with subsection 3.03 of this Capital Agreement. 3.02 C}larges for Capital Improvements. Semiannually on or before January 1 and July 1 of each year (t}ie "Payment Dates") Fairview Park shall pay tv North O.Imsted an amount (the "Capital Charge") equal to the sum of (i) Fairview Park's share of the debt service on North Olmsted's Joint Use Facilities Debt due on that date or during the month immediately preceding that date, based on ttie percentage of the total design capacity of North Olmsted's wastewater treatment plant used by the Service Area during 1987 (i.e. 5.2359X), plus (ii) a capital surcharge (the "Capital Surcharge") representing compensation to North Olmsted for Fairview Park's share of prior debt service payments on Joint Use Facilities Debt made by North Olmsted, all in accordance with the Prior Agreement and calculated in accordance with subsection 3.03 of this Capital Agreement. 3.03 Calculation of Semiannual Capital Charge. Ttie amount payable by Fairview Park as the Capital Charge for each six-month period beginning January 1 and July 1 shall be calculated as follows: Capital Fairview Park + Capital Charge Debt Service Surcharge Tt-e Capital Charge due on each Payment Date is set forth under the column headed "Capital Charge" in Appendix I to this Capital Agreement. For this purpose: (a) "Fairview Park Debt Service" means Fairview Park's share of the principal and interest payments (or loan payments) on the Joint Use Facilities - 5 -