A. There is hereby created and established an enterprise fund of the village known as the municipal waste system fund, which shall be separate and apart from all other funds and accounts of the village as provided in subsection E of this section.
B. Before the beginning of each fiscal year, the village president shall recommend and the village shall adopt a budget for the municipal waste system. The budget shall estimate the revenue required to: 1) pay all operating and maintenance expenses of the municipal waste system, including all obligations to the agency under the project use agreement; 2) pay, as they become due, interest on and principal of any revenue bonds or other obligations payable from the revenues of the municipal waste system; 3) provide for all unpaid claims; and 4) maintain appropriate depreciation and reserve funds, including reserves for uncollected charges. The budget shall estimate the amounts available to pay those obligations from: 1) taxes levied and anticipated to be collected pursuant to law; 2) other amounts deposited in the municipal waste system fund; and 3) rates and charges to be imposed by the franchisee on persons disposing of system waste through the municipal waste system pursuant to the authority of the franchise agreement and this code.
C. The rates and charges imposed for use of the municipal waste system shall be sufficient, after taking into account monies then on hand in the municipal waste system fund and the proceeds of taxes levied and to be collected which have been assigned and pledged to the municipal waste system fund: 1) to pay all operation and maintenance expenses of the municipal waste system, including all obligations to the agency under the terms of the project use agreement, 2) to pay as they become due interest on and principal of any revenue bonds or other obligations payable from revenues of the municipal waste system, 3) to provide for all unpaid claims, and 4) to provide adequate depreciation and reserve funds for the municipal waste system, including reserves for uncollected charges.
D. The owners and occupants of real estate within the village served by the municipal waste system shall be jointly and severally liable to pay all rates and charges imposed by the village pursuant to the provisions of this section at such due date or dates as established by the village from time to time.
E. All amounts collected from rates and charges imposed under this section shall be deposited in the municipal waste system fund, and together with all other amounts deposited in the municipal waste system fund, shall be separate and apart from all other monies of the village, except amounts deposited in the municipal waste system fund may be invested together with other funds of the village. (Ord. 06-829, 7-11-2006, eff. 10-1-2006)