(A) The city waterworks system is merged with Kenton County Water District Number One, and all of the city shall be included in the boundaries of Kenton County Water District Number One.
(B) The city shall transfer and convey all of the assets of the city waterworks system to Kenton County Water District Number One.
(C) Under the merger agreement, Kenton County Water District Number One shall assume and be solely responsible for all debts and obligations of the waterworks system, including bonded indebtedness, the note to the Owen County Rural Electric Corporation, and all other debts and obligations relating to the operation of the waterworks system. Kenton County Water District Number One agrees to provide service to the residents of the city who are presently served by the city, and further agrees to expand and serve additional customers in the city as soon as feasible and to the extent feasible.
(D) The City Council shall consult and confer with and advise Kenton County Water District Number One where it desires to have water service extended in the city.
(Ord. 2-11-73, passed 11-15-73)