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SEMON XVI <br />Escrow Charges <br />® 1. The utility agrees s to pay a fee in the amunt of the currently <br />imposed contribution in aid of construction for each unit in effect at <br />® the time of the issuance of a certificate of occupancy, as a <br />contribution in aid of construction charge (for future connection to <br />County water distribution mains or wastewater collection system3) as <br />provided for in Ordinance 80-21, Section 3, Part A. Utility fu''f.:heer <br />agree: to pay a sum per ERC for water and wastewater plant capacity <br />charge, as each unit is ccmpleted as the future plant capacity charges <br />as provided for in Ordinance 80-22, Section 1 or according to the <br />Ordinances in effect at the time of the issuance of a certificate of <br />occupancy. <br />2. The County will establish separate interest bearing passbook <br />for the water and wastewater system and will deposit all escrow charges <br />paid for any and all connections in this franchise. The fees referenced <br />in this section are subject to the escalation provisions of Section XIV <br />contained herein, using the County factor established in Ordinance 80-21 <br />and 80-•22. The fees referenced in this Section shall always be <br />reasonable. <br />3. Throughout the term of this franchise, the Utility shall be <br />entitled to any and all interest which shall be paid annually on or <br />before September 30th of each year to the Utility. The Utility shall be <br />entitled to an accounting of said interest bearing account at any time <br />upon request made by it to the County. <br />4. Should the County at any time provide a water distribution <br />system and/or wastewater collection system and furnish water and/or <br />wastewater services to individual c+usrr cors within the franchise <br />territory, the sums of money remaining in said account consisting of <br />plant capacity charges and contributions in aid of construction charges <br />shall become the absolute property of the County and the Utility shall <br />have no rights thereto. In such event, the Utility shall be absolved <br />frau the obligation of payment of further connection charges to the <br />County and this franchise shall terminate. <br />a) The County shall have the right to purchase the <br />Utility's water and/or wastewater plant at Utility's original <br />construction cost, land cost, plus costs associated with capital <br />additions and expansions to the system less three and one-half percent <br />(3'k%) depreciation per year. Depreciation on the system shall be <br />calculated to start at the time the County issues a letter acknowledging <br />the construction of the water and/or wastewater system as provided in <br />Section VI. Upon acquisition of the water and/or wastewater plant and <br />appurtenant real estate, the County would then own the entire water <br />and/or wastewater system and v nulri terminate this franchise and provide <br />water and/or wastewater utility service to the franchise territory. All <br />accumulated escrow fees would vest in the County. <br />11 <br />