1985-061 - Laserfiche WebLink

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(d) Notwithstanding anything herein to the contrary, no utility ® may adjust its rates under this subsection more than two times in any 12 month period. • CONNECTION CHARGE/CAPACITY DEMAND FEE Connection charges shall be established by public hearing held in conjunction with public hearing held for setting the rates. FRANCHISE FEE • . 1. The Utility hereby agrees to pay to the County a franchise fee in the amount of six percent (6%) of the Utility's annual gross receipts (which includes the rate of return) or operating costs in the event Utility does not have a rate schedule (or the sum of five h-=ndred dollars ($500), whichever is greater), derived from monthly service charges to defray the cost of regulation and for use of County rights-of-way and public places. The Utility shall pay the 6% franchise fee quarterly. Said fee shall be shown as a separate additional charge on utility bills. 2. The Utility shall. supply the County with a copy of the Utility's annual report and financial statements. All records and all accounting of Utility shall be in accordance with the Uniform System of Accounts of the National Association of Regulatory Utilities Commissioners and general accepted accounting principles. Within ninety (90) days after close of fiscal year, the Utility shall submit financial statements prepared by a CPA and in accordance with general accepting accounting standards and NARUC. Upon demand by the Board the Utility 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 (2-1/2%) renewal and replacement account has been collected and disbursed in accordance with the terms of this Agreement. n ---T M V11T RENEWAL & REPLACEMENT ACCOUNT Two and one half percent (2-1/2%) of the operating cost of the Utility 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 Utility. Additionally, the Utility shall initially fund said account with two thousand dollars ($2,000) which will also be reserved for capital maintenance items. Interest shall accumulate in said account until the account reaches ten thousand dollars ($10,000); thereafter interest shall be paid to the Utility 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 Utility 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