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thousand dollars ($5,000); 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 water 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) or (3) 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. IN -WITNESS F,•;,the Board of County.Commissioners of. Indian River County, Florida has caused this franchise to be executed in the name of the County of Indian River by the Chairman of the Board of County Commissioners, and its seal to be affixed and attested by its Clerk, all pursuant to the resoluton of the Board of County Commissioners adopted on t -e 2nd day of May , 1984. Signed, sealed and delivered in the presence of: Approved and leg; tfic� COUN'T'Y OF IRIDIAN RIVER By: C Don C. Scurlock, Jr., Board of County Commissioners, Attest:, Clerk ' i. Srandenbu�g ACCEPTANCE OF FRANCHISE fY tforney BREEZY VILLAGE SEWER AMID MTER COMPANY, INC., a Florida Corporation, does hereby accept the foregoing franchise, and for their successors and assigns does hereby covenant and agree to comply with and abide by all of the terms, conditions and provisions therein set forth and contained. DATED at Vero Beach, Indian River. County,,,Florida, this _ day Of ��, 1984. in MAY 2 1984 8001 56 X923