Laserfiche WebLink
3. one person selected by the above two persons <br />and this Board of Arbitrators shall make recamiendations to the Board of <br />County Ctnmissioners, but such recommendations are not mandatory. <br />Any final decision the arbitrators or Board may have, with respect <br />to this franchise, can be appealed to the Circuit Court of Indian River <br />County by either party. <br />5. Section XV of Resolution 73-76 is hereby amended to read as <br />follows: <br />SECTION XV <br />IMNCHISE FEE <br />1. The Utility hereby agrees to pay to the County a franchise fee <br />in the amunt of six percent (6%) of the Utility's annual gross <br />receipts, (or the sum of five hundred dollars ($500), whichever is <br />greater), derived from monthly service charges to defray the cost of <br />regulation and for use of County rights-of-way ,_.id public places. The <br />Utility shall pay the 6% franchise fee quarterly. Said fee shall be <br />shown as a separate additional charge on utility bills. <br />2. The Utility shall supply the County with a copy of the <br />Utility's annual report and financial statements. All records and all <br />accounting of Utility shall be in accordance with the Uniform System of <br />Accounts of the National Association of Regulatory Utilities <br />Contnissioners and general accepted accounting principles. Within ninety <br />(90) days after close of fiscal year, the Utility shall submit financial <br />statements prepared by a CPA and in accordance with general accepting <br />accounting standards and NARUC. Upon demand by the Board the Utility <br />will submit audited financial statements certified by a CPA. Also, a <br />letter from a CPA certifying that the six percent (6%) franchise fee and <br />the two and one-half percent (2W renewal and replacement account has <br />been collected and disbursed in accordance with the terms of this <br />Agreement. <br />RENES\L & REPLACEIETr AC,'COUNr <br />Tom, and one half percent (2%�%) of the gross receipts 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 five hundred dollars <br />($500) which will also be reserved for capital maintenance items. <br />Interest shall accumulate in said account until the account reaches five <br />3 <br />