1983-024 - Laserfiche WebLink

Home Browse Search

this Franchise Agreement, any sums of money remaining in the escrow account shall become the absolute 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 seven year period. The County shall purchase according to the same formula in this sub-parapgraph (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 sub -paragraph (2) stated directly above, together wit'� a credit for any fee.: which would have accrued pursuant to said section after tl,e seventh year, should the seven year period referenced therein not have lapsed. (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 excepted. The Corporation agrees to grant to County any easements necessary to connect the sewerage system to the County's sewerage systems without: charge. Two and one-half 12 1/281 percent of the gross receipts of the Corporation derived and collected from monthly service charges shall be placed in an interest bearing renewal and replacement account for purposes of renewal and/or maintenance of the capital assets of the sewerage system of. the Corporation. In addition, the Corporation shall fund the account with Two Thousand Dollars ($2.,000.00) which will also be reserved for capita]. maintenance items. Interest shall accumulate in said account until the account reaches $10,000.00; thereafter shall be paid to the Corporation annually. -15-