11-27-1995 Council Packet - Laserfiche WebLink

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1. For the five years 1990 through 1994, during which period the Municipality has not made any payments for the facility, the sum of SI 7,500 is due and owing, This amount shall be amortized and paid by the Municipality at 6% interest over the remaining 15 years of the payment schedule at the sum of SI,SO 1.8 5 (principal and interest) per annum The remaining balance owed of $52,500 shall be paid in 15 equal payments of $3,500 per annum (principal and interest) over the remaining 15 years of the schedule Attached as Exhibit D is a schedule of payments to be made by the Municipality in accordance with this section 4B. The Municipality's annual payment for each year of the payment schedule shall be due and payable on or before December 31 of the applicable year. C. Use of Richt of Wav. The Municipality will allow the Council to construct. reconstruct, operate, and maintain Council Lift Station No. 45 within Municipality right-of-way. SECTION 6. ADAJSTMENT OF CURRENT VALUE CREDIT. The Metropolitan Council is currently paying the Municipality for the original purchase of Interceptor 6-OR-641 in 1976 and 1977. That payment is in the form of annual "current value credits" (CVC) credited against amounts owed by the Municipality to the Council for sewer service in each year through the year 2006 The parties to this Agreement agree that the amount of credit provided to the Municipality shall be reduced retroactively to June 1, 1990 to reflect the reconveyance of portions of Interceptor 6-OR-64I. The agreed upon reduction and adjusted current value credit are as set forth in Exhibit E in the column marked “CVC ADJUSTED SECTION 7. ENTIRE AGREEMENT. -5- i