5/7/1980 - Laserfiche WebLink

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MY 71980 Pdo ... 43 - QAct 500 3. THE MOBILE HOMES LOCATED WITHIN THE SERVICE AREA SHALL NEVER BE INDIVIDUALLY METERED DURING THE TERM OF THIS FRANCHISE. 4. Florida Atlantic Associates agrees to pay to the County, as a future hook-up charge into the County's master water system, a payment in the amount of $1, 000.00 per month until such time as said amount shall reach a total of $25, 000.00. The County will establish an interest -bearing passbook account and will deposit said payments into said account holding said funds until such time as the County is in a position to supply water services to the franchised area. The interest earned on said account shall be paid quarterly to Florida Atlantic Associates. The parties agree that the account shall be in the County's name and shall be held under the foll'bwing conditions: (a) At any time that the County shall acquire its own water distribution system, and shall furnish water services to individual customers, all sums of money remaining in said account shall become the absolute property of the County and Florida Atlantic Associates shall relinquish all rights thereto. The $25,000.00 figure was based on the claim of the developer of 113 gallons per day per residential unit. Should experience indicate a higher flow demand, this escrow amount shall be supplemented based on the flow demand formula of $200/ERC X Peak average demand prior 00/GPD/ERC to connecting to the County System. 5. Florida Atlantic Associates agrees to pay to County the sum of $500.00 per month for a maintenance account until such sum reaches the sum of $30, 000.00. Said account shall be an interest -bearing account with interest paid quarterly to Florida Atlantic Associates. Said funds shall be used as a sinking fund and applied only for repairs and/or replacement of the water systems as the need arises. County is granted the right to make necessary repairs using said fund in the event of default on the part of Florida Atlantic Associates in maintaining the quality standards established in this franchise. Florida Atlantic Associates also agrees that the cost of a meter at such time as the County provides water services to the franchise area may be taken out of this fund. 6. The franchise and rights herein granted shall take effect and be in force from and after the time of the adoption of this resolution by the Board and shall continue in force and effect until such time as the County may install or acquire its own sewage collection and treatment system and/or water supply and distribution system and supplies the same to individual customers at which time, the owner will convey all of its water and/or sewer facilities (except for sewer treatment plant, water plant and plant sites) and easements for location of same as owners may own, free and clear of all liens or mortgages, to said County, without charge. BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA. By Chairman Attest: - Clerk - J04A r. aB b 0 2 FACE 1 Q.•2.2 GORDON B. JOHNSTON, ATTORNEY AT LA:'.', VERO BEACH,