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40 <br />• <br />0 <br />•. <br />3. THE MOBILE HOMES LOCATED WITHIN THE SERVICE AREA <br />SHALL NEVER BE INDIVIDUALLY METERED DURING THE TERM OF <br />THIS FRANCHISE. <br />4. Florida Atlantic Associates agrees to pay to the County, as a <br />future hook -up charge into the County's master water system, a payment <br />in the amount of $1,000.00 per month until such time as said amount shall <br />reach a total of $25,000.00, The County will establish an interest-bearing <br />passbook account and will deposit said payments into said account holding <br />said funds until such time as the County is in a position to supply water <br />services to the franchised area. The interest earned on said account shall <br />be paid quarterly to Florida Atlantic Associates. The parties agree that <br />the account shall be in the County's name and shall be held under the <br />following conditions: <br />(a) At any time that the County shall acquire its own water <br />distribution system, and shall furnish water services to individual <br />customers, all sums of money remaining in said account shall become <br />the absolute property of the County and Florida Atlantic Associates <br />shall relinquish all rights thereto. <br />The $25,000.00 figure was based on the claim of the developer <br />of 113 gallons per day per residential unit. Should experience indicate a <br />higher flow demand, this escrow amount shall be supplemented based on <br />the flow demand formula of2 <br />$ 00 ERC X Peak average demand prior <br />00/GPD/ ERC <br />to connecting to the County System. <br />5. Florida Atlantic Associates agrees to pay to County the sum of <br />$500.00 per month for a maintenance account until such sum reaches the <br />sum of $30,000.00. Said account shall be an interest -bearing account <br />with interest paid quarterly to Florida Atlantic Associates. Said funds <br />shall be used as a sinking fund and applied only for repairs and/or <br />replacement of the water systems as the need arises. County is granted <br />the right to make necessary repairs using said fund in the event of default <br />on the part of Florida Atlantic Associates in maintaining the quality <br />standards established in this franchise. Florida Atlantic Associates also <br />agrees that the cost of a meter at such time as the County provides water <br />services to the franchise area may be taken out of this fund. <br />6. The franchise and rights herein granted shall take effect and be <br />in force from and after the time of the adoption of this resolution by the <br />Board and shall continue in force and effect until such time as the County <br />may install or acquire its own sewage collection and treatment system <br />and/or water supply and distribution system and supplies the same to <br />individual customers at which time, the owner will convey all of its water <br />and/or sewer facilities (except for sewer treatment plant, water plant <br />and plant sites) and easements for location of same as owners may own, <br />free and clear of all liens or mortgages, to said County, without charge. <br />BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA. <br />14 <br />By c �. <br />hairma , <br />Attest:' <br />Clerk <br />%^ V1. <br />11��� <br />U t <br />-2 - Ago �(Jj Lj 'GAGE o `ry 2 <br />CORDON B. JOHNSTON, ATTORNEY �A�T KLA , VERO DEACH, IFLOR9 2 <br />