(A) Costs recovered from industrial users shall be deposited by the authority in a separate account identified as the City of Douglas Industrial Cost Recovery Account.
(B) Funds shall be distributed from the industrial cost recovery account in accordance with U.S. Environmental Protection Agency rules and in the following manner.
(1) The city shall retain 50% of the total recovered amount. The remainder, together with any interest earned thereon, shall be returned to the U.S. treasury on an annual basis.
(2) Eighty percent of the retained amount, together with interest earned thereon, shall be used solely for the eligible costs of expansion or reconstruction of the treatment works. The remainder of the retained amount may be used as the city sees fit.
(3) Pending use, the city shall invest the retained amounts for expansion and reconstruction 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 the 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.
(1995 Code, § 58-536) (Ord. 60, passed 4-2-1979)