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.w� <br />IaZflm,L & F�� ACCOUNT <br />Two and one half percent (2W 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 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 />thousand dollars ($5,000); 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 />replaceement account shall vest in the County. <br />5. Section XVI of Resolution 7520 is hereby amended by adding <br />the following paragraph: <br />SECTION XVI <br />The Company shall co -name Indian River County as an additional <br />insured on all public liability and property damage insurance, to -wit: <br />EXHIBIT "A" <br />6. Section XIX is hereby amended to read as follows: <br />SECTION XIX <br />The County shall have the right to purchase the Utility's water <br />and/or wastewater plant at Utility's original construction cost, land <br />cost, plus costs associated with capital additions and expansions to the <br />system less three and one-half percent (3'%) depreciation per year. <br />Depreciation on the system shall be calculated to start at the time the <br />County issues a letter acknowledging the construction of the water <br />and/or wastewater system as provided in Section VI. Upon acquisition of <br />the water and/or wastewater plant and appurtenant real estate, the <br />County would then own the entire water and/or wastewater system and <br />would terminate this franchise and provide water and/or wastewater <br />3 <br />