(A) The portion of the total user charge collected which is designated for operation and maintenance, including replacement purposes, shall be deposited in a separate non-lapsing fund known as the Operation, Maintenance, and Replacement Fund.
(B) The Operation, Maintenance, and Replacement Fund shall be a sub-fund of the Utilities Fund. The Operation, Maintenance, and Replacement Fund will be maintained in two primary accounts and sub-accounts, as follows:
(1) An account designated for the specific purpose of defraying operation and maintenance costs, excluding replacement of the treatment works, known as the Operation and Maintenance Account, provided that the village may maintain separate sub-accounts known as the Operation Account and Maintenance Account; and
(2) An account designated for the specific purpose of ensuring replacement needs over the useful life of the treatment works, known as the Replacement Account. Deposits in the Replacement Account shall be made annually from the operation, maintenance, and replacement revenue in the amount of $500.
(Prior Code, § 3-242) (Ord. 389, passed 10-4-1988)