A. Fund Established; Purpose: All fees and charges received and collected under authority of this chapter shall be deposited and credited to a special fund to be designated as the sewage system fund. The accounts of said fund shall show all receipts and expenditures for the administration, maintenance, operation, replacement, upkeep and repair of the sewerage works and any payments into sinking funds as may be established for the purpose of:
1. Paying principal of and interest on the general obligation sewer bonds of the city that shall from time to time be outstanding;
2. Industrial cost recovery funds for payment to EPA if applicable;
3. Sewerage capital improvement funds for industrial cost recovery payments that are to be used exclusively for future expansion, upgrading or reconstruction on the sewage system eligible for EPA assistance; and
4. Other special funds as may be established by the city council.
B. Disposition Of Funds And Credits: As provided by law, when budgeted and appropriated, the funds and credits to the account of the sewerage system fund shall be available for the payment of the requirements for the maintenance, operation, repairs and upkeep of the sewerage works of the city and, to the extent legally available, for payment into a sinking fund established for the payment of the principal of and interest on the general obligation sewer bonds of the city which shall from time to time be outstanding. (Ord. 2122, 5-6-2014)