Laserfiche WebLink
Section XIV - Under "Escrow Charges" delete all of <br />Paragraph A and the last sentence of Paragraph B and <br />renumber Paragraphs B and C. <br />Section XX - reference to "§125.43, Florida Statutes," <br />sho,,ula-6e—changed to "§125.42, Florida Statutes." <br />Section XX11 - should be deleted and replaced by the <br />fol lowing: <br />FRANCHISE FEE <br />A.: The Utility hereby agrees to pay to the County a <br />franchise fee in the amount of 6% of the Utility's <br />annual gross receipts or operating costs (which <br />includes the rate of return), whichever is greater. <br />If Utility does not have a rate schedule, then it shall <br />pay 6% of its gross operating costs or the sum of <br />$500.00, whichever is greater. The Utility shall pay <br />the 6% franchise fee quarterly. This fee shall be <br />shown as.a separate additional charge on utility bills. <br />B. The Utility shall supply the County with a copy of <br />an annual report in a form prescribed by Indian River <br />County and financial statements. Ali records and all <br />accounting of the Utility shall be in accordance with <br />the Uniform System of Accounts of the National <br />Association of Regulatory Utilities Commissioners and <br />generally accepted accounting principles. Within 90 <br />days after the close of the fiscal year, the Utility <br />shall submit financial statements prepared by a CPA. <br />Upon demand by the County, the Utility shall submit <br />audited financial statements certified by a CPA and <br />also a letter from a CPA certifying that the 6% <br />franchise fee and any other requested fees have been <br />collected and disbursed in accordance with the terms of <br />this Agreement. <br />1 believe these changes are the minimum necessary to put <br />into effect the continuation provisions of Resolution No. <br />79-111. <br />The County will also hear evidence concerning your <br />compliance to date with the franchise given by Resolution <br />No. 79-111. In particular, there are allegations of <br />deficiencies in your compliance with the 1979 franchise, <br />e.g., your utility has failed to provide annual reports; has <br />failed to set up and maintain a sinking fund for the <br />purposes of repairs (see Paragraph B, Page 11); and has <br />charged rates in excess of those set out in Section XIV, <br />Page.9. Your compliance history will be one of the factors <br />to be considered on your extension request. <br />Sincerely, <br />Charles P. Vitunac <br />County Attorney <br />J U L 14.1987 53 <br />BOOK �� PAGE 805 <br />