Ownership and Capacity Rights Sample Clauses

Ownership and Capacity Rights. MORRO BAY and CAYUCOS each shall have the perpetual right to use all of the facilities presently constituting the wastewater treatment plant and common outfall line in the percentages and proportions of ownership as hereinafter set forth. MORRO BAY shall, on completion of such expanded and reconstructed plant, own and hold capacity rights to 65% of the ocean outfall and reconstructed and expanded wastewater treatment plant; CAYUCOS shall own and hold capacity rights to 35% of the same. Should it be ordered by a court of competent jurisdiction, or by the conditions of the grant as imposed on MORRO BAY and CAYUCOS, that CAYUCOS has a legal obligation to take a 40% interest, the ownership and capacity rights would be apportioned at such time as 40% CAYUCOS and 60% MORRO BAY. In such event, CAYUCOS would be obligated to return to MORRO BAY any recoupment previously paid pursuant to Paragraph 23 along with 12% per annum interest from the date CAYUCOS received such recoupment. Until completion of the reconstructed and expanded plant, the ownership and capacity rights of the existing wastewater treatment plant and ocean outfall shall remain 40% CAYUCOS, 60% MORRO BAY. In addition, should there ever be an increase in the rated capacity of either the existing wastewater treatment plant and outfall or the reconstructed plant due to the granting of a waiver of secondary discharge requirements, the ownership of and capacity rights in such additional rated capacity attributable to the secondary discharge waiver shall be apportioned on the basis of 40% to CAYUCOS and 60% to MORRO BAY.
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Related to Ownership and Capacity Rights

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