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E <br /> Eli ible ,Pro `ect Ex enses : The County will fund project engi- <br /> neering studi s, easement acquisition, sewer and water lines includin <br /> pipe and ancillary equipment such as water pumps, sewer pumps, valves <br /> pump houses, flire hydrants, water treatment plants , sewage treatment <br /> plants as well as the actual construction of these utilities. Where <br /> a project is approved but funding is not immediately available, it wi <br /> be placed on a priority waiting List based on its approval date. <br /> E <br /> Limits of County Financial Participation: The County' s financia <br /> participati.on ,in water and sewer utility costs shall not exceed the <br /> estimated increase in ad valorem tax yields form the project in the <br /> six years following its completion. This method of calculating the <br /> ceiling for County funding of any one project should not be construed <br /> as establishing the method of repayment to the revolving fund. The <br /> following is a sample calculation : <br /> EXAMPLE <br /> '1,400,000 estimated value of land and buildings <br /> $ 126,000 - minus land value <br /> 1,272,000 w estimated value of buildings <br /> . 544/100 - valuation tax rate <br /> $ 6,920 -- tax return from project each year <br /> $ 41.518 -, tax return for six years equals maximum <br /> County funding <br /> Lease A r!,eement : It shall be the policy of the County to lease <br /> water and sewer utilities to the owner of the project for which they <br /> are constructed. The terms' of the lease shall include the recovery o <br /> all County costs plus interest within six years after utilities are <br /> turned on. <br /> SECTION V: CONDITIONS OF FUNDING <br /> COMMENT: This section specifies the County as the owner of all major <br /> sewer and water utilities funded under this policy. The <br /> County may lease these facilities to the utility system to <br /> which they are connected. The County retains control over <br /> tap-ans . Tap-ons by existing development along the utility <br /> are �olunta.ry and special provisions are made for large acra <br /> tracts. Utilities shall be oversized to accommodate surroui <br /> Ing development . Where annexation of a development occurs, <br /> the 6unicipallty annexing is required to pay to the County <br /> rema�ning equity in the development. <br /> User Connections to Project Extensions: it shall be the policy z <br /> the County to have title to any sewer and water utilities which it ful <br /> A fee schedule for tap-ons will be developed. Where properties <br />