(a) The funds received from the collection of the rates and charges provided in Section 941.03 shall be deposited daily with the City Treasurer, who shall keep the same in a separate fund designated "Sewer Revenue Fund." Subject to the provisions of any ordinary mortgage or indenture of mortgage authorizing and securing the issuance of mortgage revenue bonds for the system, moneys in the fund shall be used for the payment of the cost and expenses of the operation, maintenance, repair, and management of the system, and for the payment of debt charges on bonds issued for extensions and improvements of the system and any surplus in the fund over and above the requirements before mentioned may be used for the enlargement and replacement of the system and parts thereof. (1979 Code 53.02)
(b) The sewer service charge and user charges shall be reviewed annually by the City, in order to determine whether or not they are sufficient to defray the fixed charges, amortization costs, and annual cost of OM&R of the sewage system. If the difference between the total annual revenue derived and the total annual cost is sufficient to justify an increase or decrease in the sewer service charge or user charges, the City will adjust the rates as required. The purpose of the annual review is also to maintain a proportional user charge. Each user to be notified at least annually, either in conjunction with a regular bill, or by publication in news print of the rate and that portion of the sewer service charge which is attributable to OM&R costs of wastewater treatment services.
(Ord. 95-14. Passed 2-21-95.)