(A) A water service fund is hereby established. It shall consist of revenue from water service fees and revenues from water connection charges.
(B) All revenue obtained from water 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 water facilities, including payment of interest and principal on bonds issued for such purposes.
(C) All revenue obtained from water 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 water 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 water system.
(D) The terms “water service fees” and “water connection charges” as used herein shall apply only to those funds collected for the use of the water 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 water 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 water 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 water fund.
(F) Nothing herein shall prohibit the pooled investment of water funds.
('63 Code, § 8-2.102) (Ord. 414-C.S., passed 10-2-84)
Cross-reference:
Water, see Ch. 53