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OOK ! E <br />GOO <br />(3) 'ibe industry mur,t post ,a .~cr.cl in such amount and <br />upon such terms and with ouch surities as the.r,arties require. <br />a.'he form of t?c, bon.? cr all be substantially as is set out in <br />the exhibit eannLlxci tC; this tagreement. r. a minimun, the <br />ad valorem taxes upon sucli facility or its improvements, <br />must reimburse the County for its costs 471 t.nin period of <br />wive (S) years. <br />3. The parties hereto will not expen-d any puhlic funds oii a <br />speculative venture and the reason for the requirement of the criteria <br />set forth in the preceding paragraph was to insure that only bona fide <br />applicants would ?:,e considered by either party. Even if an applicant <br />should meet the criteria, the, eonsiftration am approval of any <br />extension shall be made by they then. governing '.Jody of each Board and <br />it shall be in their sole unfettered discretion whether any application <br />shall be honored with a view to the sound physical management with their <br />respective governmental unit. <br />4. in the event both governing bodies shall approve the <br />application, then Vne County will: <br />(a) See} the approval. and sale of hones or otherwise <br />D provide financing t.c, construct and install such utility lines: <br />(b) The City will provide the technical and engineering <br />/ expertise to plan: tho3 line to cordinate such utility line with <br />the preaent City system. ant," the future plans for ra County wide <br />system; <br />(c) The City accepts full responsibility for the main- <br />tenance of the line and would provide the service to the user <br />in keeping with its then rates in effect for users of such <br />services; <br />(d) Ownership of the lines would continue to be in the <br />County until the County had by way raf aa# valorem taxes recovered <br />its total. and/or initial investment. After the initial <br />installation, the City would be responsible for installing <br />all service connections whether they he industrial, commercial <br />and/or residential users and would charge for such services <br />its usual and customary fees which would be divided one-half <br />2 <br />