The town hereby agrees to sell its present existing wastewater treatment facility to Water Quality Management Corporation, pursuant to SDCL 9-40-38 at a price that shall not be less than the greater of an amount equal to the depreciated value of the facility sold or an amount sufficient to pay, redeem or discharge all outstanding indebtedness of the Town of Keystone incurred with respect to the facility sold. The sale proceeds are subject to SDCL 6-13-8. At the time of sale, the Town of Keystone shall enter into a utility service contract with the purchaser thereof, namely, Water Quality Management Corporation, a Colorado Corporation, authorized to do business in the State of South Dakota. The utility service contract shall be guaranteed by CET Environmental Services, Inc., a Colorado Corporation, authorized to do business in the State of South Dakota. Such contract shall require the Water Quality Management Corporation to furnish to the Town of Keystone, its residents and users located in the area, now served by the facility sold, wastewater utility service, at such rates as are approved by the Town of Keystone and on such further terms and conditions as are determined by the Board of Trustees for the Town of Keystone. Further, the Town of Keystone may enter into all other contracts considered necessary or desirable with respect to the facility being sold, including, but not limited to, contract relating to the operation, maintenance, insurance, improvements, replacement and extension of the facility sold or similar new facilities to be operated in conjunction therewith by the municipality or the other contracting party, namely, Water Quality Management Corporation.
(Ord. 13-2-21, passed 12-12-1997)