(A) Generally. The revenues of the System shall be set aside, as collected, and deposited in a separate depositary account in County National Bank, Homer, Michigan, a bank duly qualified to do business in the state, in an account to be designated Pooled Investments Account, and the revenues so deposited shall be transferred from the Pooled Investments Account periodically in the manner and at the times hereafter specified.
(B) Operation and Maintenance Fund. Out of the revenues in the Pooled Investments Account there shall be first set aside quarterly into a depositary account, designated Operation and Maintenance Fund, a sum sufficient to provide for the payment of the next quarter's current expenses of administration and operation of the System and the current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.
(C) Contract Payment Fund. There shall next be established and maintained a depositary account, to be designated Contract Payment Fund, which shall be used solely for the payment of the village's obligations to the county pursuant to the aforesaid contract. There shall be deposited in the Fund quarterly, after requirements of the Operation and Maintenance Fund have been met, the sums as shall be necessary to pay the contractual obligations when due. Should the revenues of the System prove insufficient for this purpose, the revenues may be supplemented by any other funds of the village legally available for the purpose.
(D) 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 and the Contract Payment Fund, the revenues as the Village Council shall deem necessary for this purpose.
(E) 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 Fund, the revenues as the Village Council shall determine.
(F) Surplus monies. Monies remaining in the Pooled Investments Account at the end of any operating year, after full satisfaction of the requirements of the foregoing funds, may, at the option of the Village Council, be transferred to the Improvement Fund or used in connection with any other project of the village reasonably related to purposes of the System.
(G) Bank accounts. All monies belonging to any of the foregoing funds or accounts may be kept in one bank account, in which event the monies shall be allocated on the books and records of the village within this single bank account, in the manner above set forth.
(Prior Code, § 544.09)