(A) The city hereby establishes a “Sewer Service Fund” as an income fund to receive all revenues generated by the sewer service charge system, and all other income dedicated to the administration, operation, maintenance, replacement and construction of the waste water treatment works, including taxes, special charges, fees and assessments intended to retire construction debt.
(B) The city also establishes the following accounts as income and expenditure accounts within the Sewer Service Fund:
(1) Administration, Operation and Maintenance Account;
(2) Equipment Replacement Account; and
(3) Debt Retirement Account.
(C) All revenue generated by the sewer service charge system, and all other income pertinent to the treatment system, including taxes and special assessments dedicated to retire construction debt, shall be held by the Clerk Administrator separate and apart from all other funds of the city. Funds received by the Sewer Service Fund shall be transferred to the Administration, Operation and Maintenance Account, the Equipment Replacement Account and the Debt Retirement Account in accordance with state and federal regulations and the provisions of this chapter.
(D) Revenue generated by the sewer service charge system sufficient to insure adequate replacement throughout the design or useful life, which ever is longer, of the waste water facility shall be held separate and apart in the Equipment Replacement Account and dedicated to effecting replacement costs. Interest income generated by the Equipment Replacement Account shall remain in the Equipment Replacement Account.
(E) Revenue generated by the sewer service charge system sufficient for operation and maintenance shall be held separate and apart in the Administration, Operation and Maintenance Account.
(Ord. 201, passed 12-7-1988)
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