(A) There is hereby established a town stormwater management utility that shall be responsible for implementing, operating, and administering the town’s stormwater management program as defined herein.
(B) There is hereby established a Town Stormwater Management Enterprise Fund for the purpose of dedicating and protecting funding applicable to the responsibilities of the stormwater management utility including, but not limited to, rents, rates, fees, charges, and penalties as may be established after due notice having been given and a public hearing held by the Council as required by G.S. § 160A-314(a1)(1). The hearing may be held concurrently with the public hearing on the proposed budget ordinance. Funding may also include other funds transferred or allocated to the stormwater management utility by the Council. All revenues and receipts of the stormwater management utility shall be placed in the Stormwater Management Enterprise Fund and all expenses of the stormwater management utility shall be paid from the Stormwater Management Enterprise Fund, except that other revenues, receipts, and resources not accounted for in the Stormwater Management Enterprise Fund may be applied to stormwater management activities as deemed appropriate by the Council.
(Prior Code, § 2104)