1984-024 - Laserfiche WebLink

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SECTION XII TRANSFER OF OWNERSHIP The Utility or its shareholders shall not sell or transfer its plants or systems or stock 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 transferable 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 inforantion 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 mre 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 VA 1. Subject to the provisions of Section XI (b) the Utility shall furnish, supply, install and make available to any and all persons ® within the franchise territory making demand therefor, its public water and/or wastewater system, and shall provide such demanding person with its services and facilities; provided, hover, that the Hoard may, upon application of the Utility extend time for providing such service to such demanding person. In the event the Utility fails to provide its services and facilities as a water and/or wastewater system. to any area within the franchise territory within the time specified by the Board, then in such an event, the County may, by resolution of the Board, • • limit, restrict and confine the territory to that area then being serviced by water and/or wastewater 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 Board. 2. The Utility shall not be required to furnish, 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 its rate base is under efficient and economical management. The burden of showing that prospective service to the area is not financially feasible shall be the burden of the Utility. SECTION XII TRANSFER OF OWNERSHIP The Utility or its shareholders shall not sell or transfer its plants or systems or stock 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 transferable 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 inforantion 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 mre 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 VA