8-1-4: WATER RATES AND REVENUES:
   A.   Meters Required; Rates: All premises using the City water supply must have meters installed, and shall pay current rates and charges as set from time to time by the City Council, as prescribed by law.
   B.   Purchase Of Meters: All water meters must be purchased from the City by the homeowner or builder at the current rate established by the Council.
   C.   Fire Hydrants: In addition to the foregoing rates, there shall be charged to the City the sum of fifty dollars ($50.00) per hydrant per annum, payable from a direct tax levied against all taxable property within the City limits.
   D.   Right To Change Rates: The City reserves the right to make such reasonable changes in rates and in conditions herein established and to establish further rules and regulations from time to time as may be found expeditious or necessary. (1997 Code)
   E.   Duties Of Treasurer: All revenues and monies derived from the operation of the water system shall be deposited in the water account of the Water Fund. All such revenues and monies shall be held by the City Treasurer separate and apart from his private fund and separate and apart from all other funds of the City Treasurer not more than ten (10) days after receipt of the same or at such more frequent intervals as may from time to time be directed by the Mayor and Council.
The City Treasurer shall receive all such revenues from the water system and all other funds and monies incident to the operation of such system as the same may be delivered to him and deposit the same in the account of the fund designated as the "Water Fund of the City". Said Treasurer shall administer such fund in every respect in the manner provided by statute of the "Revised Cities and Villages Act", effective January 1942.
   F.   Accounts: The City Treasurer shall establish a proper system of accounts and shall keep proper books, records, and accounts in which complete and correct entries shall be made of all transactions relative to the water system, and at regular annual intervals he shall cause to be made an audit of the books by an independent auditing concern to show the receipts and disbursements of the water system.
In addition to the customary operating statements, the annual audit report shall also reflect the revenues and operating expenses of the water facilities, including a replacement cost. The financial information to be shown in the audit report shall include the following:
      1.   Flow data showing total gallons received at the wastewater plant for the current fiscal year.
      2.   Billing data to show total number of gallons billed.
      3.   Debt service for the next succeeding fiscal year.
      4.   Number of users connected to the system.
      5.   Number of nonmetered users.
   G.   Review: The adequacy of the water service charge shall be reviewed, not less often than annually, by certified public accountants for the City of Colona in their annual audit. (Ord. 03-01, 3-12-2001)