Ordinance No. 40-86-14 v ORDINANCE NO. 40-86-14
AN ORDINANCE AMENDING ORDINANCE 40-74-7 WHICH GRANTED
TO THE JACKSONVILLE ELECTRIC AUTHORITY, ITS
SUCCESSORS AND ASSIGNS, AN ELECTRIC FRANCHISE, AND
IMPOSING PROVISIONS AND CONDITIONS RELATED THERETO,
IN ORDER TO PROVIDE FOR MONTHLY PAYMENTS OF FRANCHISE
FEES, PROVIDING AN EFFECTIVE DATE.
WHEREAS , the Parties did enter into a franchise agreement (the
"Agreement") , dated July 2 , 1974 wherein the Parties were granted
the rights , privileges , and obligations , therein contained, and
WHEREAS, the Parties have agreed to amend the Agreement with
regard to the payment scheduling to benefit their respective cash
flow needs , now therefore:
BE IT ENACTED BY THE PEOPLE OF THE CITY OF ATLANTIC BEACH,
FLORIDA.
Section 1 . Section 5 is repealed in its entirety and a new
Section 5 is created to read:
Section 5 : a) No later than 60 days after the end of each
fiscal year, the Grantee, its successors and assigns , shall
have paid to the Grantor and its successors an amount which
when added to the amount of all taxes , licenses , and other
impositions levied or imposed by the Grantor upon the Grantee's
electric property, business , or operations , and those of the
Grantee' s electric subsidiaries for the preceding tax Year, if
any, will equal six percent of the Grantee 's gross revenues
collected from the sale of electrical energy to all customers
within the corporate limits of the Grantor for the 12 fiscal
months preceding.
Section 5 : h) Advance Payment of the annual amount to he paid
to the Grantor by the Grantee under the terms of Section 5 .a
hereof shall be made by estimated monthly installments
commencing on or before May 30 , 1986 for the Grantee ' s revenues
(as defined in Section 5 .a) for the month of March, 1986 and
then monthly thereafter. Each estimated monthly installment
including the initial payment of May 30 , 1986 , shall be
calculated on the basis of 90% of the Grantee' s revenues (as
defined in Section 5 .a) for the monthly billing period ending
60 days prior to each scheduled monthly payment. It is also
understood that for purposes of calculating each monthly
installment , all taxes , licenses , and other impositions , if
any, shall be estimated on the basis of the latest data
available for any such amounts annually imposed on the Grantee,
before being prorated on a monthly basis . The final
installment for each fiscal year of this grant shall he
adjusted to reflect any underpayment or overpayment resulting
from estimated monthly installments made for said fiscal year.
For this agreement, a fiscal year is defined as the period
October 1 through September 30 .
Section 2 . This Amendment to Ordinance 40-74-7 shall become
effective only upon acceptance by the Grantee and shall take
effect immediately upon such approval by the Grantee.
Section 3 . SAVE AND EXCEPT as hereby expressly amended, all
terms and conditions of the Ordinance 40-74-7 dated July 2 ,
1974 shall be and remain in full force and effect.
Passed by the City Commission on first reading on April 28
1986.
Passed by the City Commission on second and final reading on May 12 ,
1986 .
ATTEST:
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City Clerk, Atlantic Beach Mayor, Atlanti Be
William S . Howell
ATTEST:
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Admi istrative Ap10.stant EA Ma' :gi q ,'moi ector
Roycevles
FORM APPROVED: FORM APPROVED:
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Office of eneral Counsel torney for Atlantic Beach, Fla.
City of Jacksonville, Fla.