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<br />- ~ <br /> <br />(C) propose to the respective boards the manner <br />and method for establishing a capital reserve fund as provided <br />for below, including contributions by the parties. <br /> <br />(D) Propose any expansion of the wastewater <br />treatment facility, and make recommendations to the respective <br />boards on any other matter that may come before the commission <br />relative to this agreement. <br /> <br />V. CAPITAL RESERVE FUND: <br /> <br />The parties agree to establish a capital reserve <br />fund to be maintained for payment of capital expenses, including <br />extraordinary repairs or replacements, or expansion of the <br />wastewater treatment plant. <br /> <br />(A) The parties agree that prior to any capital <br />improvements of a permanent nature, extraordinary repairs or <br />expansion of the wastewater plant, the joint commission shall <br />provide the parties with a complete report and recommendation <br />as to the nature and extent of any capital improvements of a <br />permanent nature, extraordinary repairs or expansion of the <br />wastewater plant, the cost thereof, and the manner of payment. <br />If the cost thereof is to be shared, the proposed work shall not <br />be authorized without the prior approval of the parties to this <br />agreement. If the cost is to be paid by the District/Georgetown, <br />Silver Plume's approval shall not be necessary. <br /> <br />(B) During the term of this agreement, prior to <br />October 1st of each calendar year, the joint commission shall <br />submit to the parties a report of anticipated capital <br />improvements expenditures for the upcoming calendar year, and the <br />contribution of each party necessary to adequately fund the <br />capital reserve fund. The Boards of the respective parties shall <br />approve by joint resolution said capital improvements and capital <br />reserve fund proposals. If the parties are not able to agree, <br />the arbitration provision stated below shall be applicable. <br /> <br />(C) The contributions to the capital reserve fund <br />shall be paid quarterly in accordance with the annual joint <br />resolution of the respective Boards. <br /> <br />. <br /> <br />VI. ACT OF GOD: <br /> <br />It is understood and agreed that neither party. <br />assumes any responsibilty or liability in any way to the other <br />for any act of God or other acts beyond their control which may'. <br />in any way cause an interruption or discontinuance of the <br />services agreed to be provided hereunder. Either party rendered <br />unable to fulfill any obligations provi~ed in this agreement,by <br />reasons hereof shall exercise due d~ligence to remove ~ts <br />inability, interruption or discontinuance of service. <br /> <br />6 <br /> <br />" <br /> <br />J .' <br /> <br />,,;,'" <br /> <br />'J' <br /> <br />. <br />')'-;Y\i~ <br />