The Council is authorized to establish a special fund to be known as the Sewer User Charge Fund into which there shall be deposited the sum of two hundred fifty thousand dollars ($250,000) received from the Cleveland Regional Sewer District in Case Nos. 886594, 892711 and S.D. 69411 in the Court of Common Pleas of Cuyahoga County, Ohio. The Village Chief Fiscal Officer is authorized to pay from said Fund the sewer user charges and stormwater fees imposed by the Northeast Ohio Regional Sewer District, or any other duly established sewer authority, on residents of the Village either by direct reimbursement to the residents upon proof of payment or by entering into a contract with the Northeast Ohio Regional Sewer District, or any other duly established sewer authority, for the payment of the total of said sewer user charges and/or stormwater fees on such terms as may be agreeable to the parties. The Village Chief Fiscal Officer is directed to invest the moneys in said Fund which will not be required to be used immediately for the purposes set forth herein in obligations of this Village, in bonds or other obligations of the United States, bonds of the State of Ohio, bonds of any municipal corporation of the State of Ohio as to which there is no default in payment of principal or interest, or in such other investments or deposits as are authorized by the laws of the State of Ohio to be invested or deposited by a municipal corporation. In the event that the moneys in said Fund including interest and return thereon are inadequate to pay the sewer user charges and/or stormwater fees levied on the residents of the Village, said Fund may be replenished to the extent deemed necessary by the Village Council from the proceeds of the Village Municipal Income Tax.
(Amended 11-4-75; 11-6-12; 11-2-21)