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LA RESOLUTION NO. 87- ® A. Section, VI - reference to "Construction Specifications for Water Distribution and Sewage Collection Facilities' promulgated by the City of Vero Beach, Water and Sewer Department, November 1, 1977, or as amended" shall be of Changed to "Current County Construction Specifications as amended..."; and B. Section XIV - Under "ESCROW CHARGES" delete all of Paragraph A and the last sentence of Paragraph B and renumber Paragraphs B and C; and C. Section_ XX - reference to "§125.43, Florida Statutes," should be changed to "§125.42, Florida Statutes"; and D. Section,XXIi - should be deleted and replaced by the following: FRANCHISE FEE X-7- ie TTt`i-f i ty hereby agrees to pay to the County a franchise fee in the amount of 6% of the Utility's annual gross receipts or operating costs (which includes the rate of return), whichever is greater, If Utility does not have a rate schedule, then it shall pay 6% of its gross operating costs or the sum of $500.00, whichever Is greater, The Utility shall pay the 6% franchise fee quarterly. This fee shall be shown as a separate additional charge on the utility bills. B. The Utility shall supply the County with a copy of an annual report in a form prescribed by Indian River County and financial statements. All records and all accounting of the Utility shall be in accordance with the Uniform System of Accounts of the National Association of Regulatory Utilities Commissioners and generally accepted accounting principles. Within 90 days after the close of the fiscal year, the Utility shall submit financial statements certified by a CPA and also a letter from a CI'A certifying that the 6% franchise fee and any other requested fees have been collected and disbursed in accordance with the terms of this Agreement. 2