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SECTION 13 <br />The Company shall not sell or transfer its plant or system to <br />® another nor transfer any rights under this franchise to another without the <br />approval of the Board and provided, further, that no such sale or transfer <br />after such approval shall be effective until the vendee, assignee or lessee <br />has filed with the Board an instrument in writing reciting the fact of such <br />transfer and accepting the terms of this franchise and agreeing to perform <br />all of the conditions thereof. In any event this franchise shall not be trans- <br />ferrable and assignable until notice or request for transfer and assignment <br />shall be given by the Company to the Board in writing, accompanied by a <br />request from the proposed transferee, which application shall contain <br />information concerning the financial status and other qualifications of the <br />proposed transferee and such other information as the Board may require. <br />A public hearing shall be held on such request of which notice shall be <br />given by publication in a newspaper regularly published in the County at <br />least one time nor more that one month nor less than one week <br />preceding such hearing. Certified proof of publication of such notice <br />shall be filed with the Board. Said hearing may thereafter be continued <br />from time to time as determined by the Board. The Board, will, however, <br />approve or disapprove such sale or transfer within nimety (90) days from <br />the date of said public hearing. The consent by the Board to any assign- <br />ment of this franchise shall not unreasonably by withheld. <br />SECTION 14 <br />The rates charged by the Company for its service hereunder <br />shall be fair and reasonable and designed to meet all necessary costs of <br />the service, including a fair rate of return on the net valuation of its <br />properties devoted thereto under efficient and economical management. <br />The Company agrees that it shall be subject to all authority now or here- <br />after possessed by the County or any other regulatory body having <br />competent jurisdiction to fix just, reasonable and compensatory rates. <br />-8- <br />OFFICIAL RECORD <br />BOOK 455 rAa 72W03 <br />