PRINCIPLES AND TERMS FOR AGREEMENT Sample Clauses

PRINCIPLES AND TERMS FOR AGREEMENT. Assuming negotiations result in terms which are acceptable to both Parties, the negotiated Principles and Terms For Agreement will be sent to the respective governing Boards of both Parties for approval and for direction for the Parties to then draft a comprehensive agreement based on the Principles and Terms For Agreement and completion of all environmental documentation. The Principles and Terms For Agreement will set forth the significant terms and principles for a comprehensive agreement for a conjunctive use and storage program at the Property ("Core Program") that would provide for the cost-effective and beneficial storage of Metropolitan's Colorado River water, produce a new and reliable dry-year source of significant water supplies, and improve the quality of water conveyed through the CRA. The Principles and Terms For Agreement would reflect certain material terms negotiated between the Parties, including but not limited to the following, which are described below in greater detail: refinement and review of a Core Program proposal, the financing and ownership of any Core Program facilities, the duration and appropriate fee structure of a Core Program, a schedule for the implementation of the water supply benefits available under a Core Program, and full and complete compliance with applicable environmental laws.