The industrial cost recovery fund shall be administered in accordance with the United States Environmental Protection Agency guidelines pursuant to Title 40 C.F.R. § 35.928 as follows.
(A) The City Controller shall retain in trust 50% of the funds collected from industrial cost recovery charges. The remaining 50%, together with any interest earned thereon, shall be disbursed to the United States Treasury on an annual basis.
(B) A minimum of 80% of the funds retained in trust by the City Controller, as provided in division (A) above, together with any interest earned thereon, shall be used solely for defraying the cost of expansion and reconstruction of the sewage works. However, the expenditures qualify as eligible costs pursuant to paragraph Title 40 C.F.R. § 35.940 of construction grants regulations. Prior to the commitment or disbursement or the use of any retained funds for expansion and reconstruction of the sewage works, the City Controller shall obtain in writing the approval for the commitment or expenditure from the regional administrator of the United States Environmental Protection Agency. The remaining 20% of the retained funds not used for expansion and reconstruction of the sewage works together with any interest earned thereon shall be transferred to the sanitary district under provisions of Title 40 C.F.R. § 35.928-2(b).
(C) The City Controller shall be authorized to invest the retained amounts for reconstruction and expansion referred to in division (B) above in obligations of the United States government, or any obligations guaranteed as to principal and interest by the United States government or any agency thereof, or in accounts fully collateralized by obligations of the United States government or by obligations fully guaranteed as to principal and interest by the United States government or any agency thereof. However, the investment of these funds shall not constitute a conflict in the obligations of office imposed by the laws of the state as to the duties and other legal requirements of a City Controller in the state.
(Prior Code, § 51.140) (Ord. 4288, passed 12-27-1976)