§ 54.08 REVENUES OF THE SYSTEM; FUNDS AND ACCOUNTS.
   (A)   The revenues of the system shall be set aside, as collected, and deposited in a separate depositary account in a bank duly qualified to do business in the state, in an account to be designated Water Supply and Sewage Disposal System Receiving Fund (hereinafter referred to as the Receiving Fund), and those revenues so deposited shall be transferred from the Receiving Fund periodically in the manner and at the times hereinafter specified.
      (1)   Operation and Maintenance Fund. Out of the revenues in the Receiving Fund there shall be first set aside monthly into a depositary account designated Operation and Maintenance Fund, a sum sufficient to provide for the payment of the next month's current expenses of administration and operation of the system and such current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.
      (2)   General Obligation Bond Debt Retirement Fund. There shall next be established and maintained a depositary account to be designated General Obligation Bond Debt Retirement Fund which shall be used solely for the payment of principal and interest on the general obligation bonds of the city, issued for water and sewer purposes. There shall be deposited in this fund monthly such sum as the City Council shall determine which shall be used to pay principal and interest on those bonds.
      (3)   Replacement Fund. There shall next be established and maintained a depositary account designated Replacement Fund, which shall be used solely for the purpose of making major repairs and replacements to the system if needed. There shall be set aside into the Fund, after provision has been made for the Operation and Maintenance Fund, such sums as the Council shall deem necessary for this purpose.
      (4)   Improvement Fund. There shall next be established and maintained an Improvement Fund for the purpose of making improvements, extensions and enlargements to the system. There shall be deposited into the fund, after providing for the foregoing funds, such sum as the City Council shall determine.
      (5)   Surplus moneys. Moneys remaining in the Receiving Fund at the end of any operating year, after full satisfaction of the requirements of the foregoing funds, may, at the option of the City Council, be transferred to the Improvement Fund or used in connection with any other project of the city reasonably related to sewer purposes.
      (6)   Bank accounts. All moneys belonging to any of the foregoing funds or accounts may be kept in one bank account, in which event the moneys shall be allocated on the books and records of the city within this single bank account in the manner above set forth.
   (B)   All funds derived from the collection of rates for services furnished by the system on hand in any account on the effective date of this subchapter shall, within l5 days thereof, be transferred to the Receiving Fund and be distributed therefrom in accordance with the terms of this subchapter.
(Ord. 78, passed - - )