Industrial cost recovery shall be based on the following factors.
(A) Each year during the industrial cost recovery period, each industrial user of the treatment works shall pay its share of the total grant amount divided by the recovery period.
(B) The industrial cost recovery period shall be 30 years.
(C) Payments shall be made by industrial users no less often than annually. The first payment by an industrial user shall be made not later than one year after such user begins use of the treatment works.
(D) An industrial user’s share shall be based on all factors which significantly influence the cost of the treatment works. Factors such as strength, volume, and delivery flow rate characteristics shall be considered and included to ensure a proportional distribution of the grant amount allocable to industrial use to all industrial users of the treatment works. As a minimum, an industry’s share shall be based on its flow versus treatment works capacity except in unusual cases.
(E) If there is a substantial change in the strength, volume, or delivery flow rate characteristics introduced into the treatment works by an industrial user, such user’s share shall be adjusted accordingly.
(F) If there is an expansion or upgrading of the treatment works, each existing industrial user’s share shall be adjusted accordingly.
(G) An industrial user’s share shall not include any portion of the grant amount allocable to unused or unreserved capacity.
(H) An industrial user’s share shall include any firm commitment to the town of increased use by such user.
(I) An industrial user’s share shall not include an interest component.
(J) (1) The town shall retain 50% of the amounts recovered from industrial users. The remainder, together with any interest earned thereon, shall be returned to the U.S. Treasury on an annual basis.
(2) (a) A minimum of 80% of the retained amounts, together with interest earned thereon, shall be used solely for the eligible costs of the expansion of reconstruction of treatment works associated with the project and necessary to meet the requirement of the Environmental Protection Agency.
(b) The town shall obtain the written approval of the Regional Administrator of the Environmental Protection Agency prior to commitment of the retained amounts for any expansion and reconstruction.
(c) The remainder of the retained amounts may be used as the town sees fit.
(3) Pending use, the town shall invest the retained amounts for reconstruction and expansion in:
(a) Obligations of the U.S. Government;
(b) Obligations guaranteed as to principal and interest by the U.S. Government or any agency thereof; or
(c) Shall deposit such amounts in accounts fully collateralized by obligations of the U.S. Government or by obligations fully guaranteed as to principal and interest by the U.S. Government or any agency thereof.
(Prior Code, § 9-46) (Ord. 1975-11, passed 8-16-1975)