Ordinance 2582 - Laserfiche WebLink

• water system, together with all of the necessary machinery and personnel for the same, said Everett Water System receiving its main water supply through the Sultan pipe line from the Sultan River, which pipe line runs through the Lowell Water District and from which line said district will receive its supply of water, and WHEREAS , if the said District is compelled to create and set up the ne- cessary machinery for conducting its own water system and to keep its own accounts, make its collections, and maintain and keep in repair its system of pipes, the said system will be operated at a financial loss, and, WHEREAS , it will be for the interest of said Lowell Water District to make use of the said machinery and personnel of the Everett Water System for the operation of the system of the District in conjunction therewith and the execution of this agreement will work to the mutual advantage of the City of Everett and the Lowell Water District , NCW , THEREFORE BE IT AGREED by and between the parties hereto as follows: 1. The City of Everett is hereby named the agent of the Lowell Water District and said agent shall conduct, carry on, maintain and keep in repair and make renewals to the entire water system of the Lowell Water District. It shall keep all the accounts of said District and make all collections of water rates as hereinbefore provided . 2. The money received by the City of Everett from water rate collections shall be retained by said City and shall be accounted for as follows; First: From said funds Everett shall meet all of the operating expenses of said District, except for principal and interest upon, and sinking funds for the retirement of any bonds issued by the District. Second: A depreciation account shall be created amounting to five per cent (5%) annually upon the capital investment of the City of Everett with said Water District , which is hereby agreed to have a present value of $8600.00 and two per cent (2%) annually upon the capital investment of the Lowell Water District, which is hereby agreed to have a present value of $32,000.00. Said de- preciation account to be used by the City of Everett for renewals and replace- ments of said water system. Third: That as compensation for its services as agent of the Lowell Water District in maintaining and conducting said water system, the City of Everett shall have as its compensation as such agent, the earnings, if any of said Water District, over and above said expenses of operation, maintenance and payments to be credited to the depreciation account . 3. It is agreed that the City of Everett shall keep a separate account of all moneys collected from or expended within said Lowell Water District during the life of this agreement. 4. It is agreed that Everett shall be employed to make all necessary ser- vice changes from the old Wood's Creek Line and Everett distribution system to the new system of the District, the same to be paid for by the consumers. Like- wise all new services in the future shall be connected by Everett and paid for in like manner by the consumers . 5. It is further agreed that all services in the Lowell Water District shall be immediately metered at rates to be fixed by the Commissioners of the Lowell Water District . Such meters to be charged to capital outlay and paid for as such by the Water District . 6. It is further agreed that the Lowell Water District shall levy, each year, a sum equal to $2.00 per month for each fire hydrant located within said District, which sum shall be paid to the City of Everett as a hydrant rental, in addition to other compensation to said City provided for herein. 7. The City of Everett agrees to furnish surplus water to the Lowell Water District as long as this agreement remains in effect . -27-