(A) A sewer service fund is hereby established. It shall consist of revenue from sewer service fees and revenues from sewer connection charges.
(B) All revenue obtained from sewer service fees shall be deposited into said fund, shall be accounted for separately, and shall be expended for the acquisition, construction, reconstruction, maintenance, and operation of wastewater facilities, including payment of interest and principal on bonds issued for such purposes.
(C) All revenue obtained from sewer connection charges shall be deposited into said fund, shall be accounted for separately and shall be expended for the acquisition, construction, and reconstruction of the wastewater system, including payment of interest and principal on bonds issued for such purposes. Said fund may also provide a capital reserve for depreciation and enlargement of the wastewater system.
(D) The terms “sewer service fees” and “sewer connection charges” as used herein shall apply to those funds collected for the use of the wastewater system and shall not be construed to affect revenues derived from the plumbing permit fees.
(E) Nothing contained in this section shall be construed to restrict or prohibit the making of transfers from said sewer service fund for the purpose of making loans to one or more of the various departments of the city providing the Council first finds, after a public hearing, that a fiscal emergency does exist. Loans shall be restored annually to the sewer service fund on or before the last day of each fiscal year along with interest charged at a rate consistent with that earned by reserves held in deposit by the sewer fund.
(F) Nothing herein shall prohibit the pooled investment of sewer funds.
('63 Code, § 8-2.101) (Ord. 414-C.S., passed 10-2-84)
Cross-reference:
Sewers, see Ch. 50