1983-108 - Laserfiche WebLink

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charges and contributions in aid of construction charges shall becorre the absolute property of the County and the Utility shall have no rights thereto. In s uch event, the Utility shall be absolved fran the obligation of payirent of further connection c harges t o the County. I n the event the above condition is not rret by the County within seven (7 ) years fran the date of this franchise agreerrent, the County shall have the following options: (1) Extend the franchise with all escrCM:!Utility and further escrows discontinued. (2) The County shall have the right to purchase the Utility's 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 (3½%) depreciation per year. Depreciation on the system shall be calculated to start at the tirre the County issues a letter acknowledging the construction of the wastewater !:'Jstem as provided in Section VI. Upon acquis ition of the wastewater plant and assignrrent of the license agreerrent, the County \<K>Uld then own the entire wastewater system and =uld terminate this franchise and provide wastewater utility service to the franchise territory. All accumulated escrow fees would vest in the County. Utility warrants that it has a possessory interest in the real property on which the plant is located evidenced by that certain license agreerrent dated April 19, 1983, attached hereto as Exhibit "A". Provisions of this franchise to the contrary notwithstanding, should the County elect to acquire the system, said lice nse agreerrent shall be assigned to Indian River County (or a taxing unit thereof) without consideration being given the refore and the County (o r its taxing unit) shall assurre the obligations under said license agreerrent. (3) In the event that the above condition (2 ) is not exercised by the County within seven (7) years fran the date o f this franchise agreerrent, any sums of ITOney r=ining in the escrow account shall becorre the absolute property of the Utility and the County shall allow the Utility to continue operations in accordance with this franchise agreerrent. (4) The County s hall have the following option to purchase the utility system after the end of the said seven (7) year period , the County shall purchase according to the sarre formula in this sub-paragraph (2) above except that the County shall be entitled to a credit against the ne t purchase price payable by the County to the Utility for the Utility in the aITOunt of the total escrow charges that =uld have been available to the County , pursuant to the provisions of sub-paragraph (2) stated directly above, together with a credit for any fees which would have accrued pursuant to said section after the seventh year, s hould the seven (7 ) year period referenced therein not have lapsed . 11