§ 51.11 ACCOUNTS.
   (A)   All monies from the collection of, on hand or in the process of collection derived from the following water charges shall be deposited into a bank or banks to be designated by the township in a special depository account designated “Water Receiving Fund:”
      (1)   Connection fees;
      (2)   Water consumption charge;
      (3)   Ready-to-serve fees;
      (4)   Water service line installation charge;
      (5)   Meter charge;
      (6)   Turn-on, turn-off and meter charge;
      (7)   Connection inspection charge; and
      (8)   Fee in lieu of special assessment.
   (B)   All monies from the fees, charges and rates set forth in division (A) above shall be used and allocated periodically as follows:
      (1)   Operation and Maintenance Fund. There shall first be set aside quarterly into a separate account designated “Operation and Maintenance Fund”, a sum sufficient to provide for the payment of current expenses of administration and operation for the system and the current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.
      (2)   Contractual Installment Payments Fund. Any balance remaining in the Water Receiving Fund on December 31 after the foregoing provisions have been made for the Operation and Maintenance Fund, may be set aside on or before March 30, of each year into a separate depository account designated “Contractual Installment Payment Fund”, and used and applied to the payment of the contractual installment payment due on the next succeeding April 1 and October 1.
   (C)   All monies from the collection of, on hand or in the process of collection derived from the following water charges shall be designated and deposited in the Contractual Installment Payments Fund to be used and applied to contractual installment payments as they come due:
      (1)   The portion of the water debt consumption charge designated for payment of debt service;
      (2)   Fee in lieu of special water assessment; and
      (3)   Connection fees.
   (D)   The amounts so on hand in the Contractual Installment Payment Fund on March 30 of each year are hereby pledged solely and only for the payment of the contractual installment payments pursuant to the authorization provided in M.C.L.A. § 123.742(2).
   (E)   The township shall cause to be maintained and kept proper books of record and account, in which shall be made in full and correct entries of all transactions relating to the water system.
   (F)   Not later than two months after the close of each fiscal year, the township shall cause to be prepared a statement in reasonable detail, showing the cash income and disbursements of the system at the beginning and close of the fiscal year and other information as may be necessary to enable any taxpayer of the township, user or beneficiary of the services furnished, to be fully informed as to all matters pertaining to the fiscal operation of the system during that year. The annual statement shall be filed in the office of the Township Clerk, where it will be open to public inspection.
   (G)   The books of record and account shall be audited annually by a certified public accountant to be designated by the Township Board and a certified copy of the audit shall be filed with the Township Clerk.
(Ord. 96-1, passed - - ; Am. Ord. passed 6-10-2019)