(a) The following funds shall be interest bearing. Interest earned on these funds shall be funds of the account on which it is earned and is subject to all restrictions imposed by Section 1157.08 (Use of Funds) of this chapter. Funds withdrawn from these accounts shall be used in accordance with the provisions of Section 1157.08 (Use of Funds) of this chapter.
(b) There is hereby established one system development charge account for the WWTP System Development Charge District, the "WWTP Capital Improvements Fund". This account shall be the revenue account for WWTP system development charges.
(c) There is hereby established a "WWTP Debt Stabilization Fund" account into which funds shall be transferred pursuant to Section 1157.14 below. This fund account shall be a component of the sheltering of existing system users from the capital costs for wastewater treatment expansion which only serves new development.
(Ord. 2635. Passed 1-13-11.)