A. Funds collected from water and sewer facility connection fees shall be used solely for the purpose of acquiring, constructing, equipping and/or making capital improvements or major maintenance to water and sewer facilities under the jurisdiction of the city, and shall not be used for daily maintenance or operations.
B. Funds from the water and sewer facilities dedicated fund may only be used for water facilities and sewer facilities capital improvement purposes. Funds shall be deemed expended in the order in which they are collected.
C. In the event that bonds or similar debt instruments are issued for advanced provision of capital facilities for which water and sewer facilities connection fees may be expended, connection fees may be used to pay debt service on such bonds or similar debt instruments to the extent that the facilities provided are of the type described in subsection A of this section.
D. At least once each fiscal period, the city maintenance supervisor shall present to the city council a proposed capital improvement program for water and sewer facilities, assigning funds from the water and sewer facilities capital improvement fund to specific water and sewer facilities improvement projects and related expenses. Monies not assigned in any fiscal period shall be retained in the water/sewer capital improvement fund until the next fiscal period, except as provided by the refund provisions of this chapter.
E. Funds may be used to rebate developer costs for providing water and/or sewer capital facilities in excess of the capacity required to the individual developer making the provision. Any rebates must be pursuant to a refunding agreement entered into between the developer and city after the effective date of this chapter. (Ord. 378, 8-6-2002)