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(b) At all thies herein where discretionary power is left with the <br />Ob m <br />Board of County Cc dssicners, the Ccnpany, before discretionary action <br />is taken tsy the Board of County Commissioners, can request said Board <br />that a group of arbitrators be appointed, and such group shall consist <br />40 of: <br />1. County Utility Services Director <br />2. Conpany Engineer <br />3. one person selected by the above two persons <br />• and this Board of Arbitrators shall make recommendations to the Board of <br />County Ccamissicners, but such reconmendations 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 />4. Section XV of Resolution 75-20 is hereby amended by adding the <br />following paragraphs: <br />SECTION XV <br />FRANCHISE FEE <br />1. The Utility hereby agrees to pay to the County a franchise fee <br />in the amount of six percent (6%) of the Utility's annual gross receipts <br />or operating costs (which includes the rate of return) in the event <br />Utility does not have a rate schedule (or the sum of five hundred <br />dollars ($500), whichever is greater), derived from monthly service <br />charges to defray the cost of regulation and for use of. County <br />rights -o£ -way and public places. The Utility shall pay the 6% franchise <br />fee quarterly. Said fee shall be shown as a separate additional charge <br />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 />Commissioners 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 replacemrent account has <br />been collected and disbursed in accordance with the terms of this <br />Agreement. <br />2 <br />