Laserfiche WebLink
JAN <br />that will receive such reservations establishing the conditions <br />of this agreement as a covenant running with the land on such <br />properties. It is expressly understood by the parties to this <br />agreement that one purpose of this provision is to prohibit the <br />speculation by any party in Indian River County utility taps and <br />plant capacity. The Corporation agrees that it will not <br />participate -and will prohibit its members and stockholders from <br />any such speculation whatsoever. Upon completion of the <br />assessment and an issuance of the assessment bonds under the <br />County's HOME RULE ORDINANCE, the IRREVOCABLE LETTER OF CREDIT <br />shall be released by County and Corporation shall immediately at <br />the closing of such bonds pay to the County in cash a like amount <br />for plant capacity and, -in addition, its share of the line, <br />engineering and construction costs. <br />3. The County and Corporation shall each participate <br />in the funding of the water system improvements contemplated by <br />this agreement. The County recognizes that the improvements <br />envisioned hereunder will enable the County to service customers <br />other than those participating with the Corporation and it <br />thereby agrees to pay a share -of the cost of the facilities <br />constructed. The County and Corporation have based the amount of <br />cost sharing set forth in this agreement upon an engineer's <br />analysis that the cost of a line sufficient to serve the <br />Corporation alone will be $1,342',:750.00 with the size of the line <br />requested by the County to serve the developers and other indi- <br />viduals costing $2.4 million. Based on this relationship, the <br />parties agree that Corporation shall fund $970.45 per equivalent <br />residential connection (which includes $315.14 plant capacity <br />charge and hydraulic share of line cost, excluding all other <br />charges). In the event that the total cost of the proposed line <br />as specified by the County exceeds $2.4 million, then both the <br />County and Corporation shall each have the right to cancel this <br />agreement. If canceled, County shall be reimbursed by <br />Corporation for engineering costs incurred to the date of cancel - <br />lation and County shall refund to Corporation any plant capacity <br />reservation fees collected by County from Corporation to that <br />4 194 -4Bea 55 PnE 768 <br />- <br />