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<br />service is expected to be equal to or better than the service
<br />currently provided by the District; and
<br />
<br />WHEREAS, the District currently has outstanding bonded
<br />indebtedness in the approx'imate amount of Three Million Five
<br />Hundred Seven~y Nine Thousand Eight Hundred Fifteen Dollars
<br />($3,579,815) J.n the form of District's 1990 General Obligation
<br />Bonds (including both "A" and "B" Interest Certificates), together
<br />with a loan from the Colorado Water Conservation Board, which
<br />indebtedness the Town is willing to assume and pay as herein
<br />provided in connection with the dissolution of the District and
<br />the assumption of District services by the Town.
<br />
<br />NOW, THEREFORE, the District and the Town agree as follows:
<br />
<br />1. Review BY Court: Effecti va Date. This Agreement is
<br />subject to the review and approval of the District Court in and
<br />for the County of Summit and State of Colorado in Civil Action No.
<br />2487, and the executory provisions hereof are subject to approval
<br />of the proposed dissolution ~t an election to be held by eligible
<br />electors of the District. Therefore,. the effective date of this
<br />Agreement will be. the date. upon which. :the election results
<br />approving the dissolution of the District are confirmed by Order
<br />of the District Court pursuant to the provisions of Section 32-1-
<br />707, C.R.S., or 12:00 midnight on December 31, 1995, whichever is
<br />later.
<br />
<br />2. Conveyance of Prooertv BY District. District- agrees to
<br />convey to the Town by appropriate and properly executed documents
<br />(i) all right, title and interest in and to all property owned by
<br />the District, whether real or personal, including but not limited
<br />to water mains, water service lines, curbstops, manholes, pumping
<br />facilities, water treatment facilities, easements, rights of way,
<br />water rights, ditch rights, (ii) any and all other real property
<br />owned by the District, (iii) all facilities or equipment
<br />appurtenant to the aforementioned property, real or personal, and
<br />(iv) all other property of every description owned by the District
<br />and used to provide water service to the inhabitants of the
<br />District. The District agrees to provide to the Town, not less
<br />than thirty (30) days before the effective date of dissolution, an
<br />itemized list of all the assets of the District which will be
<br />transferred to the Town in accordance with this Agreement. Such
<br />conveyances will be made at least ten (10) days prior to the
<br />effective date of dissolution of the District.
<br />
<br />3. Assianment of Richts and Assumotion of Obliaations. As
<br />of .the effective date of dissolution the District will assign,
<br />transfer and set over to the Town each and all of the District's
<br />rights, privileges, authorities and powers provided in .all of the
<br />District's current contractual obligations related to the
<br />provision of water service, and maintenance of the facilities
<br />
<br />2
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