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this franchise agreement, any sums of money remaining in the <br />escrow account shall become the absolute property of the Utility <br />and the County shall allow the Utility to continue operations in <br />accordance with this franchise agreement. <br />(4) The County shall have the following option to purchase <br />the utility system after the end of the said seven (7) year <br />period, the County shall purchase according to the same formula in <br />this sub -paragraph (2) above except tiidt the County Sieaii be <br />entitled to a credit against the net purchase price payable by the <br />County to the Utility for the utility in the amount of the total <br />escrow charges that would have been available to the County, <br />pursuant to the provisions of sub -paragraph (2) stated directly <br />above, together with a credit for any fees which would have <br />accrued pursuant to said section after the seventh year, should <br />the seven (7) year period referenced therein not have lapsed. <br />0 <br />or the <br />LL (5) In the event of an acquisition by the County, <br />°a <br />utilization of County's own plants, the County shall receive the <br />W <br />M <br />Wwater distribution system free of cost and in good repair, wear <br />0 <br />and tear excepted. The Utility agrees to grant to County any <br />F <br />easements necessary to connect the water system to the County's <br />W <br />F <br />o water systems without charge. <br />0 <br />W SECTION XVI <br />z <br />0 <br />Two and one-half percent (2'k%) of the gross receipts of the <br />utility shall be placed in an interest bearing renewal and <br />replacement account for purposes of renewal and/or maintenance of <br />the capital assets of the water system of the Utility. <br />Additionally, the Utility shall initially fund said account with <br />TWO THOUSAND ($2,000.00) DOLLARS which will also be reserved for <br />capital maintenance items. Interest shall accumulate in said <br />account until the account reaches $10,000.00; thereafter interest <br />shall be paid to the Utility annually. Said funds shall, be used <br />as a sinking fund and applied only for repairs and/or replacement <br />of the water system by the Utility as the need arises; the <br />percentage required to be placed in the renewal and replacement <br />account may be amended after review by the County as necessary to <br />maintain a sufficient account balance taking into account the <br />general condition of the system. County is granted the right to <br />13 <br />