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B) RENEWAL & REPLACEMENT ACCOUNT Two and one half percent (21%) of the gross receipts of the ® Utility shall be placed in an interest bearing renewal and replacement account for the purposes of renewal and/or replacement of the capital assets of the water and/or wastewater system of the Utility. Addi.- 40 tionally, the Utility shall initially fund said account with one hundred dollars ($100) which will also be reserved for capital main- tenance items. Interest shall accumulate in said account until the account reaches five thousand dollars ($5000); thereafter interest shall be paid to the Utility annually. Said funds shall be used 0 as a sinking fund and applied only for renewal and/or replacement of the water and/or wastewater system by the Utility as the need arises; the percentage required to be placed in the renewal and re- placement account may be amended after review by the County as necessary to maintain a sufficient account balance taking into account the general condition of the system. The County is granted the right to make necessary repairs using said funds in the event of default on the part of the Utility in maintaining the quality standards establish- ed in Resolution 79-51. In the event the County exercises its rights under Section 7 and 21 of Resolution 79-51, said fund shall vest in the County. f C) COUNTY RESERVES RIGHTS TO INCREASE FEES AND REGULATIONS The right is hereby reserved to the County to adopt, in addition to the provisions herein contained and in Resolution 79-51 and exist- ing applicable resolutions or laws, such additional regulations and increase fees and charges as it shall find necessary in the exercise of the police power and lawful authority vested in said County, pro- vided that such regulations shall be reasonable and not conflict with the rights herein granted and not in conflict with the laws of the State of Florida. 3. If any word, sections, clause or part of this Resolution is held invalid, such portion shall be deemed a separate and independent part and the same shall not invalidate the remainder. All portions of Resolution No. 79-51, as amended, that have not been specifically amended by this Resolution remain in full force I and effect. IN WITNESS WHEREOF, the Board of County Commissioners of Indian River County, Florida has caused this Resolution amending the franchise to be executed in the name of the County of Indian River by the Chair- man of the Board of County Commissioners and its seal to be affixed and attested by its Clerk, all pursuant to the Resolution of the Board of County Commissioners adopted on the 5th day of October, 1983. Signed, sealed and delivered COUNTY OF INDIAN RIVER, FLORIDA in the presence of: BY: / C Don C. Scurl k-1.* �. '3fiVi:,-Chairman Board of oufjh Cofiim ssioner, Attest: Clerk "`