9/7/1983 - Laserfiche WebLink

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(4) The County shall have the following option to purchase the utility 'system after the end of the said seven (7) year period, the County shall purchase according to the same formula in this sub -paragraph (2) above except that the County shall be entitled to a credit against the net purchase price payable by the County to the Utility for the Utility in the amount of the total escrow charges that would have been available to the County, pursuant to the provisions of sub -paragraph (2) stated directly above, together with a credit for any fees which would have accrued pursuant to said section after the seventh year, should the seven (7) year period referenced therein not have lapsed. (5) In the event of an acquisition by the County, or the utilization of -the County's own plants, the County shall receive the water'clistribution and/or wastewater collection system free of cost and in good repair, wear and tear excepted. The Utility agrees to grant to the County any easements necessary to connect the water and/or wastewater system to the County's water/wastewater systems without charge. The Utility shall pay all necessary fees upon acquisition or upon connection to County's own plants. SECTION XVII • � is r � �+� .• «� i� ��• Two and one half percent (2h%) of the gross receipts of the Utility shall be placed in an interest bearing renewal and replacement account for purposes of renewal and/or replacement of the capital assets of the water and/or wastewater system of the Utility. Additionally, the Utility shall initially fund said account with two thousand dollars ($2,000) which will also be reserved for capital maintenance items. Interest shall accumulate in said account until the account reaches twenty five thousand dollars ($25,000); thereafter interest shall be paid to the Utility annually. Said funds shall be used as a sinking fund and applied only for renewal and/or replacement of the grater and/or wastewater system by the Utility as the need arises; the percentage required to be placed in the renewal and replacement account may be amended after review by the County as necessary to maintain a sufficient account balance taking into account the general condition of the system. The County is granted the right to make necessary repairs using said funds in the event of default on the part of the. Utility in maintaining the quality standards established herein. In the event the County exercises.its rights under (2), (4) or (5) above, said fund shall vest in the County. In the event that the County purchases the corporation's utility system pursuant to the provisions of this franchise as stated above, then any funds in said renewal and replacement account shall vest in the County. 12 SEP 7 1983