Existing Capital Debt Sample Clauses

Existing Capital Debt. The City has a loan with Umpqua Bank, taken out on July 12, 2012 in the total amount of $9,880,000.00. This loan amount includes and consolidates the balance due on the City’s original loan with the DEQ, the City’s loan for the screw press and the City’s loan for the slide repair, all of which were for the construction, replacement and repair of the City’s Wastewater Treatment Plant as constructed prior to the effective date of this Agreement. This Umpqua Bank loan bears Loan No. 68928084 and matures on June 15, 2022. The amount currently due from the City for this loan is defined for purposes of this Agreement as “Existing Capital Debt”. The District shall pay to City the sum of $275,000.00 per year for the District’s proportionate share of the City’s Existing Capital Debt, until June 15, 2022, when the current balance of the City’s Existing Capital Debt is scheduled to be paid in full. The City will give reasonable advance notice, but not less than 30 days, to District if it seeks to refinance or attempts to refinance the Umpqua Bank loan for the Existing Debt. If the City refinances its Existing Capital Debt, as defined herein, and includes in any refinancing of Existing Capital Debt new, additional capital debt for the repair or replacement of the City’s Wastewater Treatment Plant, the District shall pay its proportionate share of the portion of any new, additional capital debt included in the refinance as calculated in Section 4.02.B., in addition to the annual payment of $275,000.00 on the portion of any new loan refinancing the Existing Capital Debt until June 15, 2022, and thereafter District shall pay its proportionate share of the new, additional portion of the new, additional capital debt as provided in Section 4.02.B. of this Agreement.