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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 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 (68) of the Utility's annual gross receipts or operating costs (which includes the rate of return) in the event Utility does not have a rate schedule (or the sum of five hundred dollars ($500), whichever is greater), derived from monthly service charges to defray the cast 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 sutmi.t 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 frau a CPA certifying that the six percent (6%) franchise fee and the two and one-half percent (218) renewal and replacement account has been collected and disbursed in accordance with the terms of this Agreement. SECTION XVI Escrow Charges 1. The Utility agrees to pay a fee in the amount of the currently imposed contribution in aid of construction for each unit in effect at the time of the issuance of a certificate of occupancy, as a contribution in aid of construction charge (for future connection to County water distribution mains or wastewater collection systems) as provided for in Ordinance 84-18 as amended by Ordinance 85-3. Utility further agrees to pay a sun per ERC for water and wastewater plant capacity charge, as each unit is c<mpleted as the future plant capacity charger. as provided for in Ordinance 84-18 or according to the Ordinances in effect at the time of the issuance of a certificate of occupancy. 10