| 1. Parties | Town of Barre and East Barre Fire District #1 |
| 2. Purpose: | By merger, Town to acquire all operating assets, franchises, easements, licenses, and permits of the Fire District's receivables, physical assets (which include land, a water storage tank, water well, piping and quipment), bank accounts, financial assets (See addendum No. 1), and liabilities. |
| 3. Debt: | The Fire District has a USRDA loan from 1994. The original amount was $517,700.00. The balance of the debt as of December 31, 2001 was $479,035.00. There are principal payments of $6,549.00 in 2002; $6,847.00 in 2003; $7,158.00 in 2004; $7,484.00 in 2005; $7,825.00 in 2006 and $443,172.00 thereafter over the ensuing 28 years. The Fire District has a second USRDA loan from 2001. The original amount was $268,000.00 of which the Town agreed to repay $160,000.00. $7,515.00 is payable semi-annually for 40 years to re-pay the entire loan. |
| 4. Approval: |
Initially, Barre Town Selectboard and East Barre Fire District #1 Prudential Committee (24 VSA § 1482 and 3305, No 317 of the Acts of 1957 et. al) and the Agency of Natural Resources, department of Enviornmental Conservation. Electoral approval by Town and Fire District voters and subsequent ratification by the VT General Assembly (24 VSA § 1485). |
| 5. Due Diligence: | The East arre Fire District #1 Prudential Commitee certifies it will exercise due diligence in turning over all water test reports, usage history, surveys and plans, engineering review, repair logs, inspection reports, billing records, agreements, deeds and as-built drawings. |
| 6. Continuation: | The East Barre Fire District #1 and the Town of Barre vote to merge. Upon General Assembly ratification, Fire District charter is abolished. Assets formerly owned by the East Barre Fire District #1 shall be come property of the Town of Barre. |
| 7. Rates: | The new Town water rate for the consolidated water system shall be applied equally throughout the service area. Future connections to the water system will be controlled by the then existing Town regulations and rates. The projected water usage rates are attached as Addendum No. 2. |
| 8. Term | Indefinite term until approved by voters in the Town and in the Fire District and by the General Assembly |
| 9. Administration: | Maintenance, testing, billing, etc. shall be the Town's responsibility. |
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Adopted September 17, 2002 |
Adopted Septemer 17, 2002 Town of Barre |
| By: /s/ Charles Fantoni | By: /s/ Francis McFaun |
| By: /s/ Joseph Levesque | By: /s/ Marion Fish |
| By: /s/ | By: /s/ Charles Castle |
| By: /s/ W. John Mitchell | |
| By: /s/ Douglas Farnham | |
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Prudential Committee
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Barre Town Selectboard
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