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SECl'ION XIV NJI'ICE OF AIXJUS'IMEm' OF RATES Upon the initial connection of any custcrrer to the irrigation or wastewater system or upon the reconnection of any new custarer to the irrigation/wastewater system, the Utility shall furnish , by mail, a notice setting forth the rate schedule then in effect and further containing the following statenent: "The irrigation or wastewater rates set forth herein have been authorized pursuant to Indian River County Irrigation/Wastewater Franchise Resolution No. _____ as arrended. Said irrigation/wastewater rates are subject to adjustrrent pursuant to said Resolution upon proper showing by the Utility. Said rates are also subject to adjustrrent in the event the irrigation/wastewater franchise is terminated and Indian River County carrrences to furnish irrigation/wastewater service to your property." SECI'ION 'IN RATE SCHEDULE The rates charged by the Utility for it~ service hereunder shall at all tirres be ccrrpensatory and shall be fair and reasonable and designed to maet all necessary costs o f the service, including a fair rate of return on the fair valuation of its properties devoted thereto under efficient and econanical managerrent. The Utility agrees that the County has the authority to enter into this Franchise Agreerrent and the regulation of said Utility. Utility agrees that it shall be subject to all authority now or hereafter possessed by the County or any other regulatory l:x:x:ly having canpetent jurisdiction to fix just, reasonable and canpensatory rates. When this franchise takes effect, the Utility shall have authority to charge and collect , but not to exceed , the following schedule o f rates and rate of return, as contained in "Exhibit B" attached hereto, which shall reirain effective until changed or rrodified as herein provided. In setting said rates, the County shall be guided by the standards set forth in Florida Statute 367.081 relating to the establishrrent of rates and charges. In any event, the Utility shall always be responsible for justifying its proposed rates and charges by the submission of accounting and engineering data to the County Utilities Director. The County shall grant rates to the Utility which are just, reasonable and canpensatory, which allow the Utility a fair rate of return on its property , systems and additions thereto. Rates and charges may be airended, upon proper justification by the Utility. Other provisions of this Ordinance deal with the rrechanisms of the setting of rates and charges. 8