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SECTION XIV ® NOTICE OF ADJUSTMENT OF RATES Upon the initial connection of any customer to the wastewater system or upon the reconnection of any new customer to the wastewater system, ® the Utility shall furnish, by mail, a notice setting forth the rate schedule then in effect and further containing the following statement; "The wastewater rates set forth herein have been authorized pursuant to Indian River County Wastewater Franchise Resolution No. as amended. Said wastewater rates are subject to adjustment pursuant to said Resolution upon proper showing by the Utility. Said rates are also subject to adjustment in the event the wastewater franchise is terminated and Indian River County commences to furnish wastewater service to your property." SECTION XV RATE SCHEDULE 1. The rates charged by the Utility for 'ts service hereunder shall at all times be compensatory and shall be fair and reasonable and designed to meet all necessary costs of the service, including a fair rate of return on the Utilities' investment under efficient and economical management. The Utility agrees that the County has the authority to enter into this Franchise Agreement and the regulation of said Utility. Utility agrees that it shall be subject to all authority now or hereafter possessed by the County or any other regulatory body having competent jurisdiction to fix just, reasonable and compensatory rates. When this franchise takes effect, the Utility shall have authority to charge and collect, but not to exceed, the schedule of rates and rate of return approved by the Board of County Commissioners at a public hearing. In setting said rates, the County shall be guided by the standards set forth in Florida Statute 367.081 relating to the establishment of rates and charges. In any event, the Utility shall always be responsible for justifying its proposed rates and charges by the submission of accounting and engineering data to the County Utilities Director. Rates and charges may be amended, upon proper justification by the Utility. Other provisions of this Ordinance deal with the mechanisms of the setting of rates and charges. 2. The approved rates of any utility which is subject to an increase or decrease in the rates that it is charged for electric power or the amount of ad valorem taxes assessed against its property shall be increased and decreased by the utility, without action by the Board, upon verified notice to the Board 30 days prior to its implementation of the increase or decrease that the rates charged by the supplier of the electric power or the taxes imposed by the governmental body have changed. The new rates authorized shall reflect the amount of the change of the ad valorem taxes or rates imposed upon the utility by the governmental agency, other utility or supplier of electric power. 8