(A) The city hereby establishes a water and sewer service charge system whereby all revenue collected from users of the water and wastewater facilities will be used to effect all expenditures incurred for annual operation, maintenance, and replacement and for debt service on capital expenditure incurred in constructing water and wastewater facilities.
(B) Each user shall pay its proportionate share of operation, maintenance, and replacement costs of the water distribution, water storage, wastewater collection, and wastewater treatment facilities, based on the total annual costs of constructing, operating, and maintaining said facilities.
(C) Each user shall pay debt service charges to retire local capital costs as determined by the City Council.
(D) Service rates and charges to users of the water and wastewater facilities shall be determined utilizing the budget-based formula found in the appendices to the ordinance establishing water and sewer service rates. Subsequent changes in water and sewer service rates shall be adopted in Chapter 34 of this code and published in the local newspaper.
(E) Revenues collected for water and sewer services shall be deposited in separate funds known as the Water Service Fund and the Sewer Service Fund, respectively. Income from revenues collected will be expended to offset the cost of operation, maintenance, and equipment replacement for the facilities and to retire the debt of capital expenditure.
(F) Water and sewer service charges and the Water and Sewer Service Funds will be administered in accordance with the provisions of this subchapter.
(Prior Code, § 50.02)