Water District Consolidation Summary and Agreement

DESCRIPTIVE SUMMARY

By Resolution adopted on September 13, 2018, the Town Board of the Town of LeRay endorsed
a Joint Consolidation Agreement entered into on behalf of Town of LeRay Water Districts
numbered 1, 2 and 4.  The Consolidation Agreement purports to consolidate into a single Town
Water District the aforementioned separate and individual Water Districts. Upon the effective
date of the consolidation, the consolidated district shall own all of the equipment and other assets of the individual Districts being consolidated. As of the effective date of the consolidation there shall be a single consolidated budget for expenses and revenues of the consolidated district.

Notwithstanding the foregoing, the current debt service obligations of the individual Districts
shall continue to be charged against the properties within the geographic boundaries of each of
the individual Districts until they are retired. Any new debt incurred by the consolidated district
shall be charged against the properties of the Districts as consolidated. The effective date of the
consolidation shall be January 1, 2020.

A copy of the full Joint Consolidation Agreement is available to be examined at the Town of
LeRay Town Offices during normal business hours.

By Order of the Town Board
Dated: September 28, 2018 Of the Town of LeRay
________________________
Mary C. Smith, Town Clerk