(a) The funds received from the collection of TAP-IN FEES provided for in Section 921.162, and such other fees and charges as may be designated by Council, shall be deposited as received by the Finance Director, who shall keep the same in a separate fund designated WATER TAP-IN FUND. Subject to the provisions of any ordinance or indenture of mortgage authorizing and securing the issuance of mortgage revenue bonds for the water system, moneys in the fund shall be used for capital improvements for the water system and works, and such other purposes permitted by R.C. § 743.05 and the Constitution of the State.
(b) The funds received from the collection of WATER USAGE RATES provided for in Section 921.17 et seq., and such other fees and charges as may be designated by Council, shall be deposited as received by the Finance Director, who shall keep the same in a separate fund designated WATER OPERATING FUND. Subject to the provisions of any ordinance or indenture of mortgage authorizing and securing the issuance of mortgage revenue bonds for the water system, moneys in the fund shall be used for the payment of the cost and expense of the operation, maintenance, repair and management of the water system, and for the payment of debt charges on bonds issued for extensions and improvements of the system. Any surplus in the fund over and above the requirements before mentioned may be used for the enlargement and replacement of the water system and works, and such other purposes permitted by R.C. § 743.05 and the Constitution of the State.
(Ord. 1327. Passed 5-9-91.)