(a) There is hereby created a Sewer Capital Improvement Reserve Fund to fund capital expenditures for fixed assets and infrastructure for the sewer facility and sewage collection system of the City of Chardon.
(b) The Finance Director is hereby authorized and shall deposit into such Sewer Capital Improvement Reserve Fund all sewer tap-in fees, sewer revenue associated with capital expenditures, transfers as authorized by Council, any surplus of excess sewer revenues over expenditures within the Sewer Operating Fund and such other funds from time to time as may be designated by Council. (Ord. 2716. Passed 3-8-12.)
(c) This fund shall continue as long as necessary to meet the fixed asset and infrastructure needs within the Sewer Department of the City. The need for the Sewer Capital Improvement Reserve Fund shall be evaluated annually in the five-year capital improvement plan, which shall include projections of revenues, expenditures and ending balances in the Sewer Capital Improvement Reserve Fund. (Ord. 3111. Passed 2-13-20.)