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1979-112
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1979-112
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2/20/2023 2:13:42 PM
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2/20/2023 2:13:26 PM
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Resolutions
Resolution Number
1979-112
Approved Date
11/07/1979
Subject
Issuing Water Franchise to Sand Dollar Builders for Tropical Villas
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SECTION XII <br />The Corporation, or its Shareholders, shall not sell or transfer its <br />plant or system, or corporate stock, to another nor transfer any rights under <br />this franchise to another without the approval of the Board, and provided <br />further that no such sale or transfer after such approval shall be effective <br />until the vendee, assignee or lessee has filed with the Boaid an instrument in <br />writing reciting the fact of such transfer and accepting the terms of this <br />franchise and agreeing to perform all of the conditions thereof. In any event, <br />1 this franchise shall not be transferrable and assignable until notice or request <br />�I for transfer and assignment shall be given by the Corporation to the Board in <br />writing, accompanied by a request from the proposed transferee, which <br />application shall contain information concerning the financial status and other <br />it <br />Ilqualifications of the proposed transferee and such other information as the <br />I <br />;Board may require. A public hearing shall be held on such request of which <br />notice shall be given by publication in a newspaper regularly published in the <br />I; <br />County at least one time not more than one month or less than one week pre- <br />;;ceding such hearing. Certified proof of publication of such notice shall be <br />'filed with the Board. Said hearing may thereafter be continued from time to <br />;!time as determined by the Board. The consent by the Board to any assignment <br />;';of this franchise shall not be unreasonably withheld. Any sale or transfer, by <br />j11the Corporation or Shareholders of the Corporation, taking place contrary to <br />';the terms and conditions of this paragraph shall be considered by the Board to <br />be a default by the Corporation under this franchise agreement and subject <br />this franchise to termination. <br />II SECTION XIII <br />Corporation warrants adequate capacity to service existing or antici- <br />pated customers and agrees not to provide water service unless adequate <br />capacity is available at the time any new connection is made. <br />SECTION XIV <br />The rates charged by the Corporation for its service hereunder shall <br />..be fair and reasonable and designed to meet all necessary costs of the service, <br />('including a fair rate of return on the net valuation of its properties devoted <br />
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