1982-060 - Laserfiche WebLink

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•® property of the Corporation and County shall allow the Corporation to continue operations in accordance with this franchise agreement. (4) The County shall have the following option to purchase the utility system after the end of the said 7 -year period, the County shall purchase according to the same formula in this sub -paragraph (2) above except that the County shall be entitled to a credit against the net purchase price payable by the County to the Corporation for the utility in the amount of the total escrow charges that would have been available to the County, pursuant to the provisions of Subparagraph (2) stated directly above, plus an additional credit for any fees which would have accrued pursuant to said section should the 7 -year period referenced therein not have lapsed. The Corporation agrees to grant to County any easements necessary to connect the franchise's sewerage system to the County's sewerage system without charge. (5) In the event of an acquisition by the County, or the utilization of County's own plants, the County shall receive the sewage collection system free of cost and in good repair, wear and tear accepted. B. Two and one-half percent (2-1/28) of the gross receipts of the utility shall be placed in an interest bearing renewal and replacement account for purposes of renewal and/or maintenance of the capital assets of the utility Corporation. Additionally, the Corporation shall seed said account with five thousand dollars ($5,000.00) which will also be reserved for capital maintenance items. Said funds shall be used as a sinking fund and applied only for repairs and/or replacement of the sewerage system by the Corporation as the need arises; the amount of the renewal and replacement account may be revisited on an annual basis in order to maintain a satisfactory account balance, subject to the mutual consent of the parties -14-