1983-120 - Laserfiche WebLink

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TRANSFER OF OWNERSHIP The Utility or its shareholders shall not sell or transfer its plants or systems or shock to another nor transfer any rights under this franchise to another without the approval of the Board. No such sale or transfer after such approval shall be effective until the vendee, assignee or lessee has filed with the Board an instrument in writing reciting the fact of such transfer and accepting the terms of this franchise and agreeing to perform all of the conditions thereof. In any event, this franchise shall not be transfe-able and assignable until notice or request for transfer and assignment shall be given by the Utility to the Board in writing accompanied by a request from the proposed transferee, which application shall contain information concerning the financial status and other qualifications of the proposed transferee and such other information as the Board shall require. A public hearing may be held on such request, of which notice shall be given by publication in a newspaper regularly published in the County at least one time not more than one month or less than one week preceding such hearing. Certified proof of publication of such notice shall be filed with the Board. The Board shall act within ninety (90) days upon such request. The consent by the Board to any assignment of this franchise shall not be unreasonably withheld. Any sale or transfer by the Utility or partners of the Utility taking place contrary to the terms and conditions of this paragraph shall be considered by the Board to be a default by the Utility under this franchise agreement and subject this franchise to termination. 7 such demanding person. In the event the Utility fails to provide its services and facilities as an water and/or wastewater system to any area within the franchise territory within the time specified by the Hoard, then in such an event, the County may, by resolution of the Hoard, 40 limit, restrict and confine the territory to that area then being serviced by the water and/or wastewater system by the Utility or such greater area as the Board shall determine; and thereafter, the territory shall be only the area set forth, in the resolution adopted by the Hoard. (b) The Utility shall not be required to ftunish, supply, install ® and make available its public water and/or wastewater system to any person within the franchise area unless the same may be done at such a cost to the Utility as shall make the addition proposed financially feasible. Financially feasible shall mean that a fair and reasonable rate of return shall be realized by the Utility for all its services under this franchise; that such rate of return on the net valuation of its property devoted thereto under efficient and economical management. The burden of showing that prospective service to the area is not financially feasible shall be the burden nf the Utility. SBCPION XII TRANSFER OF OWNERSHIP The Utility or its shareholders shall not sell or transfer its plants or systems or shock to another nor transfer any rights under this franchise to another without the approval of the Board. No such sale or transfer after such approval shall be effective until the vendee, assignee or lessee has filed with the Board an instrument in writing reciting the fact of such transfer and accepting the terms of this franchise and agreeing to perform all of the conditions thereof. In any event, this franchise shall not be transfe-able and assignable until notice or request for transfer and assignment shall be given by the Utility to the Board in writing accompanied by a request from the proposed transferee, which application shall contain information concerning the financial status and other qualifications of the proposed transferee and such other information as the Board shall require. A public hearing may be held on such request, of which notice shall be given by publication in a newspaper regularly published in the County at least one time not more than one month or less than one week preceding such hearing. Certified proof of publication of such notice shall be filed with the Board. The Board shall act within ninety (90) days upon such request. The consent by the Board to any assignment of this franchise shall not be unreasonably withheld. Any sale or transfer by the Utility or partners of the Utility taking place contrary to the terms and conditions of this paragraph shall be considered by the Board to be a default by the Utility under this franchise agreement and subject this franchise to termination. 7