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F, <br />of agreement, which could be today, as the system is already <br />permitted. <br />Discussion followed as to escrow funds and deprecia- <br />tion, and it was noted that if the County purchases the <br />system, those amounts in the escrow funds -still have to be <br />deducted from the total purchase price. <br />Commissioner Wodtke expressed concern about some way to <br />make sure that any potential condominium buyer is aware that <br />the County has the ability to take over the system and <br />operate it with the possibility that there will be <br />additional costs which would be their responsibility. <br />Commissioner Scurlock also expressed concern that <br />condominium purchasers be made aware that their system might <br />be taken over by the County at some future time. <br />William Caldwell, attorney representing Sea Oaks, <br />stated that a synopsis of this agreement will be set forth <br />in the condominium prospectus. He emphasized that the State <br />has extensive disclosure requirements. <br />Considerable discussion followed as to when <br />, <br />depreciation would start and it was agreed that the wording <br />be changed on page 14 of the franchise agreement by <br />_insertion of a statement that "depreciation of the plant <br />begins upon the date of completion at 3-1/2%. <br />Chairman Bird opened the Public Hearing and asked if <br />anyone present wished to be heard. <br />Dick Schuler of Whippoorwill. Lane addressed the Board <br />and asked if Sea Oaks was in the River Bend area and whether <br />sometime in the past there had been plans by several <br />developers to build a complete unit for water and sewer in <br />the north beach area. <br />Commissioner Scurlock explained that the North Beach <br />Water Company was created and will proceed, but with the <br />waste water, it was felt that large regional systems didn't <br />make a great deal of sense, especially with the possibility, <br />25 <br />