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a <br />0 <br />C <br />0 <br />LL <br />x <br />U <br />W <br />W <br />M <br />0 <br />M <br />W <br />0 <br />i <br />ca <br />it <br />W <br />0 <br />Vi <br />W <br />Z <br />0 <br />f <br />X" <br />d0©!f <br />4J F,4 <br />the sums of money remaining in said account consisting of plant <br />capacity charges and contributions in aid of construction charges <br />shall become the absolute property of the County and the Utility <br />shall have no rights thereto. In such event, the Utility shall be <br />absolved from the obligation of payment of further connection <br />charges to the County. In the event the above condition is not <br />met by the County within seven (7) years from the date of this <br />franchise agreement, the County shall have the following options: <br />(1) Extend the franchise with all escrowed monies paid <br />to the Utility and further escrows discontinued. <br />(2) The County shall have the right to purchase the <br />Utility's water plant at Utility's original construction costs <br />plus costs associated with capital additions and expansions to the <br />system less 3;-2 percent depreciation per year. Depreciation on the <br />system shall be calculated to start at the time the County issues <br />a letter acknowledging the construction of the water system as <br />provided in Section 6. In conjunction with the water plants' <br />purchase, County shall also purchase necessary land areas upon <br />which the plant is located at the then fair market value of the <br />real estate. Upon acquisition of the water plant and appurtenant <br />real estate, County would then own the entire water system and <br />would terminate this franchise and provide water utility service <br />to the franchise territory. All accumulated escrow fees would <br />vest in County. <br />As regards the purchase of the necessary land areas upon <br />which the plant is located, County shall first tender its offer to <br />the Utility. In the event the Utility finds the offer inadequate, <br />County and Utility shall each select an appraiser to advise the <br />respective parties as to the value of said land areas. In the <br />event, after appraisal, County and Utility are still unable to <br />agree, said appraisers shall select a third appraiser to arbitrate <br />the matter. The matter shall then be resolved in accordance with <br />the Florida Arbitration Code. The decision reached in the <br />arbitration process shall be final and binding on the respective <br />parties. <br />(3) <br />In <br />the <br />event <br />that <br />the above <br />condition <br />(2) <br />is <br />not <br />exercised <br />by <br />the <br />County <br />within <br />seven (7) <br />years from <br />the <br />date <br />of <br />J <br />_12 <br />I— <br />