A. All industrial cost recovery moneys shall be placed in the industrial cost recovery fund.
B. The city shall retain fifty percent of the amounts recovered from industrial users. The remainder, together with any interest earned thereon, shall be returned to the U.S. treasury on an annual basis.
C. A minimum of eighty percent of the retained amounts, together with interest earned thereon, shall be used solely for the eligible costs as determined by the USEPA of the expansion or reconstruction of treatment works associated with the project and necessary to meet the requirements of the USEPA and all regulations pursuant thereto. The applicant shall obtain the written approval of the USEPA prior to commitment of the retained amounts for any expansion and reconstruction. The remainder of the retained amounts may be used as the city sees fit
D Pending use the applicant shall invest the retained amounts for reconstruction and expansion in: (1) obligation of the U.S. government; or (2) obligations guaranteed as to principal and interst by the U.S. government or any agency thereof; or (3) shall deposit such amounts in accounts fully collateralized by obligations of the U.S. government or by obligations fully guaranteed as to principal and interest by the U.S. government or agency thereof.
(Ord. 93-24 Art. I (part), 1992; Ord. 80-19 Art. III § 2, 1979)