(A) The quarterly debt service charge shall be computed using the following formula:
CDS = | AA |
4 |
Where: CDS = Quarterly debt service charge per user
AA = User’s annual debt service assessment
(B) The method of assessment and distribution among the sewer utility users shall be determined and set forth in the city’s schedule of charges and fees at the time the capital improvements are made, it may be revised periodically, users to be notified of any revisions.
(C) All revenue gathered by the user charges shall be maintained in an account separate from other municipal accounts, and shall be used solely to defray the cost of operation, maintenance and replacement of the sewer utility. Revenue sufficient to insure adequate replacement shall be held in a replacement account separate from other operat+ion and maintenance revenues. Interest generated by the replacement account shall remain in the replacement account.
(Ord. 203, passed 9-1-1987; Am. Ord. 2011-06-07D, passed 6-7-2011)