(A) The city hereby establishes a Water Service Fund and a Sewer Service Fund as an income fund to receive all revenues generated by the water and sewer service charge systems and all other income dedicated to the operation, maintenance, replacement, and construction of the water and wastewater facilities, 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 Water and Sewer Service Funds:
(1) Operation and Maintenance Account;
(2) Equipment Replacement Account; and
(3) Debt Retirement Account.
(C) All revenues generated by the water and sewer service charge systems, and all other income pertinent to the systems, including taxes and special assessments dedicated to retire construction debt, shall be held by the Clerk/Treasurer separate and apart from all other funds of the city.
(D) Revenues generated by the water and sewer service charge systems sufficient to ensure adequate replacement of the facilities, shall be held separate and apart in the Equipment Replacement Account and dedicated to effecting replacement costs.
(E) Revenue generated by the water and sewer service charge systems sufficient for operation and maintenance shall be held separate and apart in the Operation and Maintenance Account.
(Prior Code, § 50.03)