PRUDENTIAL INSURANCE 1982 - Laserfiche WebLink

AGREEMENT THIS AGREEMENT, made and entered into this 6~ day of ~,~, 1982, by and between the CITY OF PLEASANTON, a municipal corporation of the State of California, hereinafter referred to as "CITY", and THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation, hereinafter referred to as "PRUDENTIAL". WITNESSETH: WHEREAS, the CITY has contracted for certain preliminary engineering work by CAMP, DRESSER & McKEE, INC., necessary for the design of a 5 - 8 million gallon reservoir; and WHEREAS, PRUDENTIAL has offered to pay for the costs of this contract up to a total amount of $16,000, conditioned upon the under-• standing that all work and payments made shall be included in a proposed Water Assessment District; NOW, THEREFORE, in consideration of the mutual promises, covenants,. and agreements herein set forth, the parties do hereby agree as follows: 1. PRUDENTIAL agrees to reimburse CITY in an amount not to exceed Sixteen Thousand Dollars ($16,000.00) for CITY's costs incurred pursuant to its contract with CAMP, DRESSER & McKEE, INC. dated November 9 1982 and approved by Resolution No. 82-446 , attached as Exhibit "A", and any and all costs reasonably incurred by CITY directly relating to the formation of the proposed North Pleasanton Water Improvement District, until such time as bonds are initially sold for the District. 2. CITY agrees it shall use its best efforts and due diligence (i) to have Assessment District formed and bonds sold as soon as reasonably practical; and (ii) to have the costs f.or PRUDENTTAL`s account under this agreement specified as costs reimbursable by the Assessment District 3. CITY shall bill PRUDENTIAL by invoice for reimbursement on a periodic basis as CITY incurs costs to its agreement with CAMP, DRESSER & McKEE, INC. and other reasonable costs directly relating to the formation of the above-mentioned District. Reimbursement payments shall be due and payable to CITY thirty (30) days from the date of invoice.