(A) There is hereby established for the town a Storm Water Revenue Fund. All revenues, fees and income collected for storm water service shall be deposited in the Storm Water Revenue Fund. The Council will authorize the creation of various accounts within this fund for the payment of the operation, maintenance and improvement of the town’s storm water system, and for the payment of debt service, in accordance with applicable state law. Moneys 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 state 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 The fund shall exist in perpetuity or until such time as this chapter has been repealed, at which time any monies held in said fund shall be transferred to the town’s General Fund after payment of any and all fees, expenses, debt service or charges that may then be owing for the operation, maintenance and improvement of the town’s storm water system.
(B) Commencing in the first quarter of 2006, the Council, 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 Department and the Storm Water Utility. Such report shall include an evaluation of the rates and charges collected by the Department, including the storm water utility user fee, expenditures by the Council, anticipated future revenues, and the overall financial condition of the Department and the storm water utility. The report is intended to provide information to the Council and the town officials in their role as managers of the storm water utility. The Department shall pay the cost of such report from the Storm Water Revenue Fund.
(Prior Code, § 54.07) (Ord. 2004-02, passed 5-11-2004)