HomeMy WebLinkAbout01396WHEREAS, it is provided by said lease that the
City may make and maintain a connection with said water
works and system at a point outside of the city limits
for the purpose of obtaining water to supply Hadlock
and Irondale, which said connection has been established
and maintained at a point on the pipeline approximately
at Station 1530, and
WHItEAS, it is desired to change the location of
said connection for supplying water to Hadlock and
Irondale to a point on said pipeline at approximately
Station 1614, the cost of which is not chargeable to
Company under the terns of the aforesaid lease, but
should be borne by City, and
WHEREAS, City does not have sufficient funds to
pay the entire cost of such change, but Company is
willing to advance a certain portion thereof under the
terms of this agreement.
NOW, THEREFORE, in consideration of the agreements
herein contained, it is agreed between the parties as
follows:
1. Company agrees to lend and advance to City for
the purpose of changing the location of the Hadlock-Irondale
connection on said pipeline as above stated, a sum not
to exceed Two Thousand Dollars ($2,000.00).
2. City agrees to repay to Company the sum so
loaned and advanced, from any surplus available from
time to time in the fund derived by City from water
revenues over and above the requirements of the present
bonded indebtedness of the water system of City in such
amounts as the City Council of City shall direct. The
balance, if any, of said sum shall, in any event, be
due and payable one year after the present bonded in-
debtedness of the water system of the City of Port
Townsend is paid or provided for.
3. The sums advanced by Company hereunder shall not
bear interest, except that any portion of said sum, which
has by the terms of this agreement become payable, shall
bear interest at the rate of six per cent oer annum from
the date upon which the same becomes payable.
IN WITNESS VHEREOF, the City of Port Townsend has
caused this agreement to be executed in itsrame and behalf
by its Mayor and City Clerk, and its corporate seal to be
hereunto affixed after due oroceedings had in accordance
with law; and the National Paper Products Company has
caused this agreement to be executed by its officers
thereunto duly authorized, and its corporate seal to be
hereunto affixed the day and year first above written.
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