(A) Generally. The revenues of the system shall be set aside, as collected, and deposited in a separate depository account in a bank duly qualified to do business in the state, in an account to be designated Sewer System Receiving Fund, referred to in Chapters 51 through 53 as the receiving fund, and the revenues so deposited shall be transferred from the receiving fund periodically in the manner and at the times hereafter specified.
(B) Operation and Maintenance Fund. Out of the revenues in the receiving fund there shall be first set aside quarterly into a depository account, designated Operation and Maintenance Fund, a sum sufficient to provide for the payment of the next quarter’s current expenses of administration and operation of the system, and the current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.
(C) Contract Payment Fund. There shall next be established and maintained a depository account, to be designated Contract Payment Fund, which shall be used solely for the payment of the city’s obligations to the county pursuant to the contract. There shall be deposited in the fund quarterly, after requirements of the Operation and Maintenance Fund have been met, the sums as the City Council shall specify to pay the contractual obligations, when due. Should the revenues of the system prove insufficient for this purpose, the revenues may be supplemented by any other funds of the city legally available for the purpose.
(D) Replacement Fund. There shall next be established and maintained a depository account, designated Replacement Fund, which shall be used solely for the purpose of making major repairs and replacements to the system, if needed. There shall be set aside into the fund, after provision has been made for the Operation and Maintenance Fund and the Contract Payment Fund, the revenues as the City Council shall deem necessary for this purpose.
(E) Improvement Fund. There shall next be established and maintained an Improvement Fund for the purpose of making improvements, extensions, and enlargements to the system. There shall be deposited into the fund, after providing for the Replacement Fund, the revenues as the City Council shall determine.
(F) Surplus moneys. Moneys remaining in the Receiving Fund at the end of any operating year, after full satisfaction of the requirements of the funds described in this section, may, at the option of the City Council, be transferred to the Improvement Fund or used in connection with any other project of the city reasonably related to the purposes of the system.
(G) Bank accounts. All moneys belonging to any of the funds or accounts described in this section may be kept in one bank account, in which event the moneys shall be allocated on the books and records within this single bank account, in the manner set forth in this section.
(1995 Code, § 58-219) (Ord. 57, passed 8-18-1977)