1981-058 - Laserfiche WebLink

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Corporation shall, at all times maintain public liability and property damage insurance in such amounts as may be required by the Board. The County shall be named as an additional insured on all such policies of insurance. SECTION 17 ESCROW ACCOUNT: Ten percent (10%) of the gross rates charged and received by the Corporation shall be placed in an inter- est-bearing escrow account held by the County. 'The funds so derived may be invested in securities of the U. S. or any agency thereof, or in savings or time deposits insured by an agency of the U. S., as determined by the Escrow Agent. The said funds, together with actual accrued interest, shall be accumulated until the balance reaches $20,000.00, hereinafter "cap amount". If the balance is drawn down the funds shall be re -accumulated until the balance reaches the cap amount. The escrowed funds shall be used as a reserve for capital expenditures (not to include the initial installation of equipment) and deferred maintenance of the sewer system as the need arises. The funds shall be released as follows: 1. If the balance of the account exceeds the cap amount set forth hereinabove, the excess funds shall be remitted by the County to the Corporation. 2. If the need for a capital expenditure, maintenance repair, or emergency repair arises, the Corporation shall, in writing, request the County to release the necessary funds therefor and Cor- poration shall perform such work. In the event Corporation does not perform needed capital expenditure or maintenance repair within thirty (30) days after County has provided a list and notice of de- ficiencies, escrowed funds may be used by the County therefor. 3. If an emergency arises which the Cornnrati— r� if after notification, fails to correct within a reasonable time, es- crowed funds may be used by the County to effect such necessary repairs. -10-