(A) Stormwater utility user fee establishment procedures. The stormwater utility user fee shall be $10 per ERU per calendar month. The stormwater utility user fee is designed to pay the cost of rendering stormwater service to the users of the stormwater system, and shall be the basis for assessment of the town’s stormwater utility user fee. This fee is established so as to maintain fund reserves to provide for reasonably expected variations in the costs of providing services, as well as variations in the demand for services. This rate is further established for purposes of servicing capital financing debt service for stormwater revenue bonds, to be used for stormwater sewer improvements in the town Y2017 High Grove Subdivision Road Improvement Project, South Shore Subdivision Road Improvement Project and Parrish Avenue (141st to 151st) Road Improvement Project.
(B) Stormwater improvement special fund establishment and related. There is hereby established a Cedar Lake stormwater improvement special fund. The fund is established for the specific purpose of segregation and payment of that portion of the monthly rates collected from the owners of property served by the Department of Stormwater Management, as well as all users, property owners and ratepayers of the town stormwater utility, in the amounts identified by the town financial advisor firm in excess of the current amount of fee before amendment per ERU ($5), and amount of the increased fee established hereby required for debt service payment obligations, including reserves, for the Y2017 stormwater use rate revenue bonds for the aforementioned public road improvement projects. The Clerk- Treasurer is further directed and authorized to manage an account for said funds in the same manner as all other funds of the town municipal utilities, including accounting and investment, all in conformance with the applicable provisions of the Indiana State Board of Accounts, as amended from time to time. The Clerk-Treasurer is further directed to provide a monthly report to each of the Town Council and Board of Stormwater Management of the deposits made of funds collected and paid into the stormwater improvement special fund. The funds in the stormwater improvement special fund shall be utilized for payment of expenses of capital improvements in the stormwater utility system. Any disbursements to be made from the stormwater improvement special fund shall be only at the express direction and authorization of the Town Council after affirmative action at a public meeting held in conformance with applicable law. All other requirements of the State of Indiana for payment of expenses shall be required for payment or disbursement of monies from said special fund.
(Ord. 1002, passed 6-5-07; Am. Ord. 1263, passed 5-2-17)