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SECTION XIV The rates charged by the Corporation for its service hereunder shall at all times be compensatory and shall be fair and reasonable and designed to meet all necessary cost of the service (including reserves for repair and replacement) plus, a fair rate of return on the fair valuation of all of its properties devoted thereto under efficient and economical management. The Corporation agrees that the County has the authority to enter into this Franchise Agreement and the regulation of said Corporation. Corporation agrees that it shall be subject to all authority now or hereafter possessed by the County or any other regulatory body having competent jurisdiction to fix just, reasonable and compensatory rates. When this franchise takes effect, the Corporation shall have authority to charge and collect, but not to exceed, the schedule of rates set forth below, which shall remain effective until changed or modified as herein provided. The County shall grant rates to the Corporation which are just, reasonable and compensatory, which allow the utility a rate of return on the fair value of its property, systems and additions thereto. In setting said rates, County shall be guided by the standards set forth in Florida Statute 367.081 relating to the establishment of rates and charges. Rates and charges may be amended, upon proper justification, by Corporation pursuant to other provisions of this Resolution. The Corporation shall have the right to include the value of the water system 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. The following rates are approved and effective until changed or modified as herein provided, to wit: I. Monthly Water Service Charges Fixed Charge Meter Size Charge 5/8" $ 14.45 1" 36.12 1 z" 72.23 2" 115.56 3" 231.12 4" 361.13 6" 722.25 Consumption Charge $2.25 per 1,000 Gallons 11