(A) All of the revenues from the system shall be deposited into the Solid Waste Fund which is hereby established for that purpose and shall be used and applied as set forth in divisions (B) through (D) below.
(B) The monies in the Solid Waste Fund shall first be set aside in each month of operations in a separate revenue line item designated (and hereby established) as the garbage collection fee in an amount sufficient to subsidize the estimated current expenses of administration and operation of the system, including an amount allocated to general administration.
(C) The Solid Waste Fund is hereby established for the purpose of making payments on the residential refuse Contract, subject to the obligation to reimburse the village for any moneys advanced from other funds for the purpose of making payments on the residential refuse collection contract pursuant to division (D) below.
(D) (1) The Village Council intends that the revenues of the system shall be used for no other purpose. The Village Council shall establish such rates and charges which, together with any other funds provided by the Village Council, if any, are sufficient to raise revenues to meet the payment obligations of the village under the residential refuse contract. Based upon the audit for the system required in division (F) below, rates and charges for services rendered by the system shall be reviewed at least annually and may be revised as necessary to meet system expenses, including all obligations pursuant to the residential refuse contract.
(2) If for any reason such revenues are not sufficient to fully pay such obligations, the Village Council may advance monies from the General Fund or other fund of the village designated by the Village Council to pay such obligations on a “to be reimbursed” basis. After such advance, any monies remaining in the contract payment fund after payment of the then-current month’s obligations under the residential refuse contract shall be transferred as reimbursement to the general fund or such other fund, as appropriate, to the extent of such advance.
(E) The Solid Waste Fund may be commingled or placed in one or more depository accounts, as the Village Council shall provide by resolution, provided that the Village Clerk-Treasurer shall maintain separate records for each such fund.
(F) (1) The village shall cause to be maintained and kept proper books of record and account, in which shall be made full and correct entries of all transactions relating to the system. Not later than two months after the close of each fiscal year, the village shall cause to be prepared a statement in reasonable detail, showing the cash income and disbursements of the system at the beginning and close of the operating year and such other information as may be necessary to enable any taxpayer of the village, user or beneficiary of the services furnished to be fully informed as to all matters pertaining to the financial operation of the system dining such year.
(2) Such annual statement shall be filed in the office of the Village Clerk, where it will be open to public inspection. Such books of record and account shall be audited annually by a certified public accountant, to be designated by the Village Council, and a certified copy of such audit shall be filed with the Village Clerk-Treasurer.
(1984 Code, § 3-10-050)