Title
Resolution Authorizing the Mayor to enter into negotiations for an agreement with the Pittsburgh Water and Sewer Authority pursuant to the 1995 Cooperation Agreement and 1995 Capital Lease Agreement granting the Authority the rights and responsibility relative to storm water management in the City of Pittsburgh.
Body
WHEREAS, effective January 1, 1995 the City of Pittsburgh (the City) entered into a Cooperation Agreement (the Agreement) with The Pittsburgh Water and Sewer Authority (the Authority), a body corporate and politic existing under the laws of the Commonwealth of Pennsylvania; and
WHEREAS, according to the Agreement the Authority shall establish rates pursuant to the covenants contained in the indenture securing the Authority's debt obligations and shall meet regularly to determine if its existing rates and rate structures will or will not provide sufficient revenues to meet its outstanding legal and financial obligations; and
WHEREAS, effective July 27, 1995 the City entered into a Capital Lease Agreement (the Lease) with the Authority, leasing to the Authority the water and sewer systems and related facilities within the City, all as defined in the Lease, and assigning to the Authority all related contracts in exchange for yearly payments, made between July 27, 1995, and January 2, 1997, totaling $101,416,974.60; and
WHEREAS, the term of the Lease commenced on July 15, 1995, and ends on September 1, 2025, at which time the Authority has the option to acquire all of the leased property upon the payment of one dollar ($1.00); and
WHEREAS, pursuant to the Agreement and the Lease, as of July 15, 1995, the Authority assumed sole responsibility and prerogative for maintenance, operation and attendant risks of the City water and sewer "System," as defined in the Agreement and the Lease, including the network of water and sewage transmission pipelines; and
WHEREAS, insofar as there remains any ambiguity in the Agreement and the L...
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