(A) There is hereby established for the town a Cedar Lake Stormwater Operation and Maintenance Fund, which shall be a non- reverting fund. All revenues and fees collected for stormwater service, including, but not limited to, stormwater utility user fees, credit application fees, and interest earnings on any unused funds, shall be deposited in the Cedar Lake Stormwater Operation and Maintenance Fund. Disbursements from this fund will be authorized by the Board. Such disbursements will be used for the operation, maintenance and improvement of the town’s stormwater system in accordance with applicable Indiana law. Monies from this fund shall not revert to any other town utilities or town fund and may not be transferred for any other purpose, except as permitted by applicable Indiana law. The fund shall exist in perpetuity or until such time as this chapter has been repealed, at which time any monies held in said fund shall be transferred to the town’s general fund after payment of any and all fees, expenses or charges that may then be owing for the operation, maintenance and improvement of the town’s stormwater system.
(B) Commencing in the first quarter of 2008, the Board, in cooperation with the Clerk-Treasurer, shall, on a biennial basis retain the services of a certified public accountant to perform an independent financial management report regarding the DSM and the stormwater utility. Such report shall include an evaluation of the rates and charges collected by the DSM, including the stormwater utility user fee, expenditures by the Board, anticipated future revenues, and the overall financial condition of the DSM and the stormwater utility. The report is intended to provide information to the Board and the town officials in their role as managers of the stormwater utility. The cost of such report shall be paid by the DSM from the Cedar Lake Storm Water Operation and Maintenance Fund.
(Ord. 1002, passed 6-5-07)