The city hereby establishes a surcharge of $25 payable by each customer of its system who receives or benefits from the services of the project financed by the CW-05 loan with the borrower bond. The collection of the surcharge shall start on April l, 2024. The surcharge shall remain in effect until such time as the borrower bond is paid in full, it shall be collected at the same time as other charges of the system and establish a surcharge account to segregate the income from other system income for bookkeeping purposes to be pledged to the South Dakota Conservancy District. The surcharge shall be reviewed from year to year and modified in order to provide the required 110% debt coverage.
(Res. 2024-8, passed 2-5-2024)