(A) All funds derived from the basic tap-on and/or connection fees shall be deposited in the sewer and water extension fund and shall be used to expand and improve sewer and water mains, replace distribution and collection systems necessary to maintain and bring adequate service to its users subject only to the provisions of any applicable bond ordinances.
(B) All funds derived from the capacity expansion fees shall be deposited in the sewer and water extension fund and shall be used only in specific future construction, expansion and/or improvement of the village water and/or sewer system for increasing capacity to service new customers subject only to the provisions of any applicable bond ordinances.
(C) In the sewer and water extension fund, two fund balance reserve accounts shall be set up, one for each of the two natures of the sources of funds: i.e. one to be called “Reserved for Ordinance 1313, Article I, Section 3(A) Uses,” and one to be called “Reserved for Ordinance 1313, Article I, Section 3(B) Uses,” with no account for unreserved fund balance.
(D) As of the effective date of enactment of this section, a balance sheet for this fund shall be rendered by the Village Chief Financial Officer, and any fund balance shall be reconstituted as a balance in the account “Reserved for Ordinance 1313, Article I, Section 3(A) Uses.”
(E) Interest income in the sewer and water extension fund for a given fiscal year shall be apportioned to the two aforementioned accounts proportionally, based on each balance before the apportionment.
(F) Any inter-fund transfers-in, of monies surplused from other utility funds of the village, beyond those funds working capital needs, shall be apportioned to the two aforementioned accounts proportionally, based on each balance before the transfers-in.
(G) In regard to all amounts to be recognized in the sewer and water extension fund, the Village Engineer will specify to the Village Treasurer the portion of each to be posted to each of the two aforementioned accounts. The Village Engineer will do likewise as to the proceeds from any sale of utility assets.
(Ord. 1313, passed 7-16-90; Am. Ord. 1481, passed 11-7-94)