1986-032 - Laserfiche WebLink

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2. The County will deposit all escrow charges paid for any ,and 40 all connections in this franchise into an interest bearing account, Maximum interest paid shall be equal to passbook rates. The fees referenced in this section are subject to the escalation provisions of 40 Section XIII/ contained herein, using the County factor established in Ordinance 84-18 or the Ordinances in effect at the time of the issuance of a issuance of a certificate of occupancy. The fees referenced in ® this Section shall always be reasonable. 3. Throughout the term of this franchise, the Utility shall be entitled to any and all interest which shall be paid annually on or before September 30th of each year to the Utility. The Utility shall be entitled to an accounting of said interest bearing account annually upon request made by it to the County. 4. Should the County at any time provide a water distribution system and/or wastewater collection system and furnish water and/or wastewater services to individual customers within the franchise territory, the sums of money remaining in said account consisting of plant capacity charges and contributions in aid of construction charges shall become the absolute pruperty of the County and the Utility shall have no rights thereto. In such event, the Utility shall be absolved frau the obligation of payment of further connection chargesto the County and this franchise shall terminate. a) The County shall have the right to purchase the Utility's water and/or wastewater plant at Utility's original construction cost, land cost, plus costs associated with capital additions and expansions to the system less three and one-half percent (318) depreciation per year. Depreciation on the system shall be calculated to start at the time the County issues a letter acknowledging the construction of the water and/or wastewater system as provided in Section VI. Upon acquisition of the water and/or wastewater plant and appurtenant real estate, the County would then own the entire water and/or wastewater system and would terminate this franchise and provide water and/or wastewater utility service to the franchise territory. All accumulated escrow fees would vest in the County. b) In the event of an acquisition by the County, or the utilization of the County's own plants, the County shall receive the water distribution and/or wastewater collection system free of cost and in good repair, wear and tear excepted. The Utility agrees to grant to the County any easements necessary to connect the water and/or wastewater system to the County's water/wastewater systems without charge. The Utility shall pay all escrowed impact fees upon acquisition or upon connection to County's own plants. c) If in the event the County determines that it will not exercise its option under item #4(a) within seven (7) years, escrowed contributions in aid of construction or impact fees shall became part of the renewal and replacement fined and may be used as 11