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The basis for the connection charges and main extension <br />charges as set forth herein has been structured by the Utility <br />with regard to two major but variable factors; first, the present <br />level of construction costs of distribution and treatment <br />facilities; and second, their degree of treatment sophistication <br />as prescribed by the Department of Environmental Regulation or <br />body having jurisdiction over the matter. Without County <br />approval, the schedule of connection charges set forth herein may <br />be escalated based upon increases in utility construction costs as <br />evidenced by the quarterly construction index published in <br />Engineering New Record Magazine, "Construction Cost Index, 20 <br />Cities". Utility shall adjust the connection charges set forth <br />herein semi-annually, with the first such adjustment to be not <br />earlier than January 1, 1984. Any escalation shall not exceed the <br />percentage difference between said construction cost index for the <br />base period ending September 30, 1981 as c�omp._.r- with the pp�io� <br />of comparison. Escrow charges and fees as contained in Section XV <br />below shall be included in the respective connection charges <br />listed above and incorporated therein. <br />The Utility hereby agrees to pay to the County a franchise <br />fee in the amount of 3% of the Utility's annual gross receipts, <br />(or the sum of $500.00, whichever is greater), derived from <br />monthly service charges to defray the cost of regulation and for <br />use of County rights-of-way and public. places. The Utility shall <br />pay the 3% franchise fee quarterly. Said fee shall be shown as a <br />separate additional charge on utility bills. <br />The Utility shall supply the County with a copy of the <br />Utility's Annual Report and financial statements. All records and <br />all accounting of Utility shall be in accordance with the Uniform <br />System of Accounts of the National Association of Regulatory <br />Utilities Commissioners and general accepted accounting <br />principles. Within ninety (90) days after close of fiscal year, <br />the Utility shall submit financial statements prepared by a CPA <br />and in accordance with general accepting accounting standards and <br />NARUC. Upon demand by the Board the Utility will submit audited <br />financial statements certified by a CPA. Also, a letter from a <br />CPA certifying that the 3% franchise fee and the 2�% renewal and <br />10 <br />