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the County at closing an assignment of the easements it obtained <br />from General Development Utilities, Inc. under the Agreement dated <br />October 20, 1993, however, the City does not warrant the title to <br />such easements and the City will not assume any obligations to cure <br />any defects in title or possession for such easements. <br />SECTION 5.03. RECORDING FEES AND DOCUKENTARY TAXES. <br />(A) Recording fees to record the deed and any other <br />instruments necessary to transfer title of the Sebastian Utility <br />System to the County shall be paid by the County. <br />(B) The Sebastian Utility System is being transferred and <br />conveyed to the County by the City for public purposes and <br />therefore this transaction is immune from documentary stamp tax. <br />However, in the event any documentary tax is applicable, the County <br />shall pay the cost of the documentary stamps to be affixed to any <br />deed or other instruments of conveyance as the benefits accruing to <br />the County in the public purpose of this transfer warrant such <br />expenditure. <br />SECTION 5.04. TRANSFER OF FUND BALANCES. At closing the City <br />shall transfer to the County the account balances from the <br />following Sebastian Utility System related accounts: Reserve <br />Subaccount, Utility System R & R Account, Sewer Impact Fee Account, <br />Water Impact Fee Account, Customer Deposits, and Project Account. <br />The balance in the accounts as of June 30, 1995 was as <br />follows: <br />Payment Subaccount $ 64,374 <br />Reserve Subaccount 353,847 <br />Utility System R & R Account 10,000 <br />14 of 28 <br />