1985-037 - Laserfiche WebLink

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is based, and that the change will not cause the Ccnpany to exceed the ® range of its last authorized rate of return. (c) If, within 24 months of an adjustment in the rates as authorized by this subsection, the Board shall find that a utility did thereby exceed the range of its last authorized rate of return, it may 40 order the utility to refund the difference to the rate payers. This provision shall not be construed to require a bond or corporate undertaking not otherwise required. (d) Notwithstanding anything herein to the contrary, no utility may adjust its rates under this subsection more than two times in any 12 nunth period. 0 FRANCHISE FEE 1. The Ccnpany hereby agrees to pay to the County a franchise fee in the amount of six percent (6%) of the Company's annual gross receipts or operating costs (which includes the rate of return.) in the event Conpany does not have a rate schedule (or the sum of five hundred dollars ($500), whichever is greater), derived from Mnthly service charges to defray the cost of regulation and for use of County rights-oi-way and public places. The Conpany shall pay the 6% franchise fee quarterly. Said fee shall be shown as a separate additional charge on utility bills. 2. The Ccnpany shall supply the County with a copy of its annual report and financial statements. All records and all accounting of. CaTany shall be in accordance with the Uniform System of Accounts of the National Association of Regulatory Utilities Comttissioners and general accepted accounting principles. Within ninety (90) days after close of fiscal year, the Coapany shall submit financial statements prepared by a CPA and in accordance with general accepting accounting standards and NARUC. Upon demand by the Board the Company will submit audited financial statements certified by a CPA. Also, a letter from a CPA certifying that the six percent (6%) franchise fee and the two and one-half percent (22%) renewal and replacement account has been collected and disbursed in accordance with the terms of this Agreement. RENEWAL & REPLACEMRU ACCOUNT 1. Two and one if percent (22%) of the gross revenues (or $100 whichever is greater) of the Company shall be placed in an interest bearing renewal and replacement account for purposes of renewal and/or replacement of the capital assets of the water and/or wastewater system of the Ccnpany. Additionally, the Conpany shall initially fund said account with one thousand dollars ($1000) to be deposited with the County Finance Department which will also be reserved for capital maintenance items. Interest shall accLumlate and remain in said account annually. Said funds shall be used as a sinking fund and applied only for renewal and/or replacement of the water and/or wastewater system by the Company as the need arises; the percentage required to be placed in the renewal and replacement account may be amended after review by the County as necessary to maintain a sufficient account balance taking into account the general condition of the system. The County is granted the right to make necessary repairs using said funds in the event of default on the part of the Conpany in maintaining the quality standards established herein. 2. Should the County terminate the franchise for cause, the renewal and replacement fund shall vest in the County. Section XII. Section 15 of Resolution M. 73-83 is hereby amended by adding the following paragraph: SECPION 15 The Company shall supply the County with an annual report of operations and maintenance certified by the Conpany Engineer who must be registered in the State of Florida.