Consolidated Water Service Contract

The Consolidated Water Service Contract is a 43-year contract between Bay County, Florida, and the City of Panama City Beach for the wholesale sale and purchase of potable water. The contract outlines the terms and conditions of the sale, including the water rates, measurement of service, and maintenance of the system. The contract also includes provisions for the construction of a new water line from the County Water Treatment Facility to the intersection of Power Line Road and Highway 79. The City of Panama City Beach agrees to purchase a minimum of 5.395 billion gallons of water each fiscal year, and the County agrees to sell water to the City at the Wholesale Municipal Rate. The contract also includes provisions for the payment of impact fees and the use of proceeds from the impact fees for capital expansions of the Wholesale System. • The contract is for a term of 43 years, commencing on November 30, 1999, and ending on November 30, 2042. • The City of Panama City Beach agrees to purchase a minimum of 5.395 billion gallons of water each fiscal year. • The County agrees to sell water to the City at the Wholesale Municipal Rate. • The contract includes provisions for the construction of a new water line from the County Water Treatment Facility to the intersection of Power Line Road and Highway 79. • The contract includes provisions for the payment of impact fees and the use of proceeds from the impact fees for capital expansions of the Wholesale System. • The City of Panama City Beach may pay, without premium or prepayment penalty, the unpaid principal balance, plus accrued interest, of the bonds issued by the County to finance the City Share, and upon such payment, the City shall be relieved of the Minimum Purchase Obligation provided herein.