(A) The Board may fix and set aside:
(1) Revenues of the Department necessary for reasonable and proper operation and maintenance;
(2) Revenues for a proper and adequate depreciation account; and
(3) Revenues to be applied to the payment of the principal and interest of the authorized bonds.
(B) The Board shall consider the cost of the operation and maintenance of the Department when establishing and fixing the revenues required for operation and maintenance.
(C) In the event a surplus is accumulated in the operating and maintenance account, the Board may transfer any excess over that surplus to:
(1) The depreciation account, to be used for any improvements, extensions, or additions to the stormwater system; or
(2) The bond and interest redemption account.
(D) The revenues set aside to the depreciation account shall be expended for:
(1) The repair of the stormwater system;
(2) New acquisition, construction, extensions, or additions to the property of the stormwater system; or
(3) Transfer to the bond and interest redemption account to prevent a default.
(E) The revenues set aside for the payment of the principal and interest of the authorized bonds shall be deposited and credited to a special account identified as “the bond and interest redemption account”.
(F) In determining the amount that is to be set aside for the payment of the principal and interest of the authorized bonds, the Board may provide that the amount to be set aside and paid into the bond and interest redemption account for any year or years should not exceed a fixed sum, which must be at least sufficient to provide for the payment of the interest and the principal of the bonds maturing and becoming payable in each year.
(G) In the event a surplus is created in the bond and interest redemption account, the Board may transfer any excess over the surplus to:
(1) The operation and maintenance account; or
(2) The depreciation account.
(Ord. 560, passed 9-1-92)