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treatii nt system, ti'7e:st:iili_IIS'te?: owns and generates Cis ` :u l_y consumable <br />\';aste;'7 tel effluent at i t:.s Dig Dry Cr (.. .J Wa l.£. tf .t. Treatment )i ) Cain. <br />("B3 g Dry C reek' ") t %1tC1. s$t'. the Ketropolitan Danver Wastewater <br />}:eC lar lon t: i.ct r s fetwoisposal Plant ( "t-iE~ on the ;ouch <br />Platte River. <br />1:ii rRBAG,. the pcs3 :'l a.C.0 wish to effectuate uat e a transfer of <br />ownership of the Camas Water tights ttnd the Camas Lands for certain <br />cash payments and the provision of 290 acre feet of consumable <br />water t o Ca i.n perpetuity, ( the "Cavas Exchange") pursuant to <br />the terns of this Agr:eeTaent <br />MIJI 'E , in the juctgmeri : of the Westminster meter C: ty council, the <br />texns of this Agreement coupled with the implementation of the <br />Camas Exchange l i=1i result in improvement in the capacity, <br />efficiency, or service of Westminster's utility system. <br />ITEERt,AS, pursuant to Section 14.2 of the Westminster City <br />Chapter, the City may otherwise dispose of property constituting <br />part of the City's utility system subject to certain findings by <br />the City Council_. <br />WIEREM3, Westminster enters this Agreement to effect the <br />disposition o1: a portion of the City's utility system and thereby <br />facilitate the implementation of the Camas Exchange .contemplated <br />herein. <br />ZtQ11 THEREFORE, for and in consideration of the premises, the <br />mutual promises contained herein, and other good and valuable <br />consideration, the receipt and sufficiency of. which is hereby <br />acknowledged, the parties agree as follows: <br />1. Exchange. <br />The parties will exchange the Camas Water Rights and the Camas <br />Lands for 290 acre - feet annually of consumable water and a one tine <br />payment of $288,500.00, all pursuant and subject to the further <br />terms of this Agreement. <br />2. Escrow. <br />Upon execution of this Agreement, the parties will create an <br />interest- bearing escrow with Land Title Guarantee Company pursuant <br />to Escrow Instructions in the form attached hereto as Exhibit B <br />into which Westminster shall deposit the sum of $20,000.00 (the <br />"Escrow Funds "), The Escrow Instructions shall provide that if, <br />within twenty (20) days of receipt of the Title Commitment <br />described in Paragraph 3.2, below, Westminster provides Camas with <br />written notice of title defects to the Caguas Water Rights or to the <br />-2- <br />