1. All funds recovered during the annual accounting period, with the exception of the discretionary portion, shall be deposited in interest-bearing accounts which are 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 agency thereof.
2. Within 1 year of the effective date of this ICRS, and thereafter at least annually and within 4 months after the close of the Township fiscal year, the Township shall transfer to the United States Treasury 50% of all ICR revenues collected during such fiscal year and any interest earned thereon. The Township shall retain 50% of the amount recovered from industrial users, and shall use these funds as follows:
A. A portion of the amounts which the Township retains may be used to pay the incremental costs of administration of the industrial cost recovery system. The incremental costs of administration are those costs remaining after deducting all costs reasonably attributable to the administration of the user charge system. The incremental costs shall be segregated from all other administrative costs of the Township.
B. A minimum of 80% of the amounts the Township retains after paying the incremental costs of administration, together with any interest earned shall be placed in an industrial cost recovery account entitled "expansion and upgrading account." Funds in this expansion and upgrading account shall be expended only for replacement or expansion of grant assisted treatment works and shall not be spent without prior written approval of the Environmental Protection Agency's Regional Administrator.
C. The remainder of the amounts retained by the Township are discretionary and shall be used in the sewer fund for such uses as the Township shall deem proper, except it shall not be used for the construction of industrial pretreatment facilities or rebates to industrial users for costs incurred by such users in complying with Federal user charge or industrial cost recovery requirements.
(Ord. 339, 7/3/1996, § 4)