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ORDINANCE NO. 2007- of 5 AN ORDINANCE GRANTING TO FLORIDA POWER & LIGHT COMPANY, ITS SUCCESSORS AND ASSIGNS, AN ELECTRIC FRANCHISE; IMPOSING PROVISIONS AND CONDITIONS RELATING THERETO; PROVIDING FOR MONTHLY PAYMENTS TO INDIAN RIVER COUNTY; PROVIDING FOR SEVERABILITY; PROVIDING FOR REPEAL OF OTHER CONFLICTING ORDINANCES AND RESOLUTIONS; PROVIDING FOR INCLUSION IN THE CODE OF ORDINANCES OF INDIAN RIVER COUNTY; PROVIDING FOR FILING WITH THE DEPARTMENT OF STATE; AND PROVIDING FOR AN EFFECTIVE DATE. BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: PART I: CREATION OF PART II OF CHAPTER 312, "RIGHTS-OF-WAY", OF THE CODE OF INDIAN RIVER COUNTY, FLORIDA TO BE KNOWN AS "GRANT OF ELECTRIC FRANCHISE TO FLORIDA POWER & LIGHT COMPANY." SECTION 1. LEGISLATIVE FINDINGS. A. The Board of County Commissioners of Indian River County ("County") recognizes that the citizens of the County need and desire the benefits of electric service; and B. The provision of such service requires substantial investments of capital and other resources in order to construct, maintain and operate facilities essential to the provision of such service in addition to costly administrative functions, and the County does not desire to undertake to provide such services; and C. Florida Power & Light Company ("FPL") is a public utility which has the demonstrated ability to supply such services; and D. The County adopted Resolution No. 77-104, effective October 19, 1977, that granted a franchise to FPL for 30 years, ending October 18, 2007. E. FPL and the County desire to enter into a new franchise agreement providing for the payment of fees to the County in exchange for the nonexclusive right and privilege of supplying electricity and other services throughout the County free of competition from the County, pursuant to certain terms and conditions set forth in this Ordinance;