From and after the effective date of this chapter the revenues and income derived from the collection of rates and charges as authorized by the Wastewater Pretreatment Ordinance (Chapter 53) shall be deposited into the fund set up for such revenues specified as follows:
(A) Operation and Maintenance Fund. There shall be established a fund or account to be designated “Operation and Maintenance Fund” from the revenues received from the users for such purpose. Out of these revenues, payment will be for current expenses of operation, maintenance, and administration of the wastewater disposal system of the City.
(B) Debt Retirement Fund. There shall be established a fund or account to be designated “Debt Retirement Fund” from the revenues received from the users for such purposes. All of the revenues will remain in the Bond Retirement Fund until sufficient monies have been deposited therein, which will be sufficient to pay the principal and interest of maturing Sewage Disposal Bonds of the City.
(C) Replacement fund. There shall be established a fund or account to be designated “Replacement Fund” from the revenues received from the users for such purposes. Expenditures from the “Replacement Fund” shall be for obtaining and installing equipment, accessories, or appurtenances during the service life of the treatment works necessary to maintain the capacity and performance for which such works were designed and constructed. The Replacement Fund shall be funded, annually and continuously from the date of this chapter and shall be maintained throughout the service life of the Wastewater Treatment Plant.
(Ord. 311-3-92, passed 3-16-92; Am. Ord. 492-05-02, passed 5-20-02)