The amounts deposited in the Industrial Cost Recovery Account 80, together with interest earned thereon, shall be used solely for the eligible costs of the expansion or reconstruction of treatment works associated with the project and necessary to meet the requirements of the U.S. Environmental Protection Agency. The city shall obtain the written approval of the Regional Administrator of the U.S. EPA prior to commitment of these retained amounts for any expansion or reconstruction. Pending use, the amounts deposited into the Industrial Cost Recovery Account 80 will be invested by the city in a local financial institution whose deposits are insured by the FDIC.
(1999 Code, § 100.07)