Final disbursement of funds collected through the Industrial Cost Recovery System charges shall be as follows:
(a) The City Auditor shall on an annual basis return to the United States Treasury fifty percent (50%) of the amounts recovered from the industrial cost recovery charge during the preceding year along with any interest earned thereon.
(b) Pay all incremental costs of administration of the Industrial Cost Recovery System, providing, however, all such incremental costs shall be segregated from all other administration costs of the sewerage system.
(c) Fifty percent (50%) of such recovered amounts, less the amount defined in subsection (b) hereof, including any interest earned thereon shall be used solely in accordance with paragraph 35.928 of the Construction Grants Regulations, 38 CFR 5328 (eligible costs of future sewerage system improvements). The City Auditor shall obtain the approval of the Regional Administrator of the United States Environmental Protection Agency prior to commitment of the retained amounts for any expansion and/or reconstruction.
Pending use of these moneys in the manner prescribed, the City Auditor shall invest such funds and any interest earned thereon in accordance with the provisions of Section 949.11(b).
(Ord. 147-80. Passed 4-28-80.)