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real property. Florida Statute Section 95.11(2)(a) provides for a five-year statute of limitation for an action to foreclose a mortgage. Case law has made it clear that the statute of limitations is five years and begins on the date the lien is recorded, and that the statute of repose allows for collectability without foreclosure up to 20 years after the recording of the lien. See City of Riviera Beach v. Reed, 987 So. 2d 168 (Fla. 4th DCA 2008). Florida Statute Section 95.281(1)(b) establishes that a lien terminates "[i]f the final maturity of an obligation secured by a mortgage is not ascertainable from the record of it, 20 years after the date of the mortgage. Thus, liens that do not show as ascertainable from the record, such as those for assessments and impact fees, expire after twenty years. This information influences some of the staff recommendations in creating policy to address the various situations involving aged accounts receivable and liened accounts. This limitation does not apply to water and sewer accounts that consist of monthly reoccurring service availability charges. Unlike the reserve accounts, 131 of the 295 accounts are water and sewer accounts that are, or were, connected to the,system. There are also 14 expired impact fee loans. Expired impact fee loans are those that have exceeded their original term, which is typically five years. Eleven of the 14 accounts exceed twenty years old. None of these accounts currently receives service. Together, the water and sewer accounts and expired impact fee loans make up over $2.4 million in receivables. There are also 150 expired assessment loans. Expired assessments are those over ten years old. Seventy-nine of the assessments are over twenty years old. Expired assessments make up another $640,000 in receivables. A summary of the three types of accounts is depicted in the table below: Account Type Number of Accounts Total Outstanding Debt Principle or Service Availability Penalties & Interest Water & Sewer 131 $2,332,000 $636,000 $1,696,000 Impact Fee Loans 14 $ 95,000 $ 34,000 $ 61,000 Assessments 150 $ 640,000 $270,000 $ 370,000 Totals 295 $3,067,000 1 $940,000 $2,127,000 Leaving these accounts to continue to accrue fees does nothing to benefit IRCDUS or its customers. In many cases, the balance due exceeds the value of the property. Since revenues are recorded when a bill is created, the utility revenues currently reflect monies that most likely will never be collected. In order to prevent exponential growth of the receivables balance and to create a means by which to make these marketable, substantial bad debt expense will need to be written -off. WATER & SEWER ACCOUNTS The water and sewer accounts make up $2.3 million in receivables. The table below breaks out the balance between service availability charges and penalties and interest. Account Type Number of Total Principle or Penalties & Accounts Outstanding Service Interest Debt Availability Water & Sewer 131 $2,332,000 $636,000 $1,696,000 Of the 131 water and sewer accounts, only 84 still have structures on them. Over the years, many of the structures have been demolished. There are four commercial accounts in this category. Forty-seven (47) 94