1987-066A - Laserfiche WebLink

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sewer plant, water plant, and appurtenant real estate, County would then own the entire water system and sewer system and would terminate this franchise and provide water and sewer utility service to the ® franchise territory. All accumulated escrow fees would vest in County. (3) In the event that either of the above conditions, (1) or (2), are not met by the County within seven (7) years after notice from the date of this franchise agreement, any sums of money remaining in the escrow account shall become the absolute property of the Corpora- tion and County shall grant to Corporation an appropriate franchise. (4) Throughout the term of this franchise, the Corporation shall be entitled to any and all interest which shall be paid annually on or before September 30th of each year to the Corporation. The Corporation shall be entitled to an accounting'of said interest bearing account, at any time upon request made by it to the County. B. Ten percent (10%) of the gross rates charged and received shall be placed in a second County interest bearing account and accumulated until the balance reaches Thirty Thousand Dollars ($30,000.00). The balance of the account may be adjusted by the Board of County Commissioners at such time as the need arises due to inflationary repair or replace- ment costs or other unforeseen costs. Said funds shall be used as a sinking fund and applied only for repairs and/or replacement of the water and sewerage systems by the Corporations as the need arises. County is granted the right to make necessary repairs using said funds in the event of default on the part of Corporation in maintaining the quality standards established herein. In the event County experiences its rights under (1) or (2) above, said fund shall vest in County. (C) The Corporation shall have the right to include the value of all water lines and appurtenances and all sewer lines, manholes, lift station and appurtenances which are conveyed to the County by said Corporation for establishing utility rates. The rates to be charged can reflect a reasonable rate of return on a rate base that is inclusive of these items.