1983-066 - Laserfiche WebLink

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entitled to an accounting of said interest bearing account at any time upon request made by it to the County. (A) Should the County at any time within the ensuing seven (7) years provide a water distribution system and/or wastewater collection system and furnish water and/or wastewater services to individual custarers within the franchise territory, the sutras of money retaining in said account consisting of plant capacity charges and contributions in aid of construction charges shall become the absolute property of the County and the Utility shall have no rights thereto. In such event, the Utility shall be absolved from the obligation of payment of further oonnectim charges to the County. In the event the above condition is not met by the County within seven (7) years from the data of this franchise agreement, the County shall have the following options: (1) Fernand the franchise with all escrowed monies paid to the Utility and further escrows discontinued. (2) The Canty shall have the right to purchase the Utility's water and/or wastewater plant at Utility's original construction costs plus costs associated with capital additions and expansions to the system less three and one-half percent (3ye) depreciation per year. Depreciation on the system shall be calc.lated to start at the time the County issues a letter acknowledging the construction of the water and/or wastewater system as provided in Section W. In conjunction with the water and/or wastewater plants' purchase, the County shall also purchase necessary land areas upon which the plant is located at the than fair market value of the real estate. Upon acquisition of the water and/or wastewater plant and appurtenant real estate, Oxoty would then own the entire water and/or wastewater system and would terminate this franchise and provide water and/or wastewater utility service to the franchise territory. All accumulated escrow fees would vest in the Canty. In regards to the purchase of the necessary land areas upon which the plant is located, the Canty shall first tender its offer to the Utility. In the event the Utility finds the offer inadequate, the County and the Utility shall each select an appraiser to advise the respective parties as to the value of said land areas. In the event, after appraisal, the County and the Utility area still are unable to agree, said appraisers shall select a third appraiser to arbitrate the matter. The matter shall than be resolved in accordance with the Florida Arbitration Code. The decision reached in the arbitration process shall be final and binding on rine respective parties. (3) In the event that the above condition (2) is not exercised by the County within seven (7) years from the data of this franchise agreement, any sons of money remaining in the escrow account shall broom the absolute property of the Utility and the County shall allow the Utility to continue operations in accordance with this franchise agreement. 11