(A) The user charge system shall generate adequate annual revenues to pay costs of annual operation and maintenance, including replacement and costs associated with debt retirement of bonded capital associated with financing the treatment works, the city may by ordinance designate to be paid by the user fee system. That portion of the total user charge which is designated for operation and maintenance, including replacement of the treatment works, shall be established by this section.
(B) The portion of the total user charge collected which is designated for operation and maintenance, including replacement purposes as established in § 51.45, shall be deposited in a separate non-lapsing fund known as Operation, Maintenance, and Replacement Fund, and will be kept in two primary accounts as follows:
(1) An account designated for the specific purpose of defraying operation and maintenance cost excluding replacement of the treatment works (Operation and Maintenance Account); and
(2) An account designated for the specific purpose of ensuring replacement needs over the useful life of this treatment works (Replacement Account).
(C) Deposits in the replacement account shall be made at least annually for the operation, maintenance, and replacement revenue in the amount of $900 annually.
(D) Fiscal year-end balances in the operation and maintenance account and the replacement account shall be carried over to the same accounts in the subsequent fiscal year, and shall be used for no other purposes than those designated for these accounts. The user charge rate(s) shall be adjusted such that the moneys transferred from other sources to meet temporary shortages in the operation, maintenance, and replacement, will be returned to their respective accounts within the fiscal year following the fiscal year in which the monies were borrowed.
(Prior Code, § 3-253)