Laserfiche WebLink
SE)MON XVII <br />RE2d& NAL & REPI.ACIIYTP ACCOUNT <br />7W and one half percent (2�%) of the operating cost of the Utility <br />shall be placed in an interest bearing renewal and replacement account <br />for purposes of renewal and/or replacement of the capital assets of the <br />water and/or wastewater system of the Utility. Additionally, the <br />Utility shall initially fund said account with two thousand dollar:s <br />($2,000) which will also be reserved for capital, maintenance items. <br />Interest shall accumulate in said account until the account reaches ten <br />thousand dollars ($10,000); thereafter interest shall be paid to the <br />Utility annually. Said funds shall be used as a sinking fund and <br />applied only for renewal and/or replacement of the water and/or <br />wastewater system by the Utility as the need arises; the percentage <br />required to be placed in the renewal and replacement account may be <br />amended after review by the county as necessary to maintain a sufficient <br />account balance taking into account the general condition of the system. <br />The County is granted the right to make necessary repairs using said <br />funds in the event of default on the part of the Utility in maintaining <br />the quality standards established herein. In the event that the County <br />purchases the corporation's utility system pursuant to the provisions of <br />this franchise as stated above, then any funds in said renewal and <br />replacement account shall vest in the County. <br />SECTION XVIII <br />INSURANCE <br />1. The Utility shall at all times maintain public liability and <br />property damage insurance in such amounts as set forth in, to wit: <br />Exhibit "B" attached hereto and incorporated herein. <br />2. The Utility shall cause the County to be duly notified by the <br />insurer in the event of any modifications or deletions of the insurance <br />as set forth in said Exhibit "B". Said atnniin+c shall be adjusted `u- the <br />Utility, as shall be required from time to time by the Board in <br />accordance with good business practices as determined by safe business <br />standards as est-blished by the Board for the protection of the County <br />and the general public and for any liability which may result from any <br />action of the Utility. <br />SECTION XIX <br />CONSUMER COMPLAINTS <br />If any written complaint is filed with the Board by any persons <br />serviced by the Utility under this franchise, the Board shall first <br />determine whether reasonable cause exists with respect to said <br />oamplaint. If the Board finds reasonable cause does exist, the Board <br />12 <br />