(a) In general. All revenues collected in accordance with the schedule of charges and fees set forth in § 1044.07 shall be deposited in accordance with the amounts shown on such schedule into the several wastewater system funds hereinafter defined, except as otherwise provided for in this chapter. Revenues not collected in accordance with such schedule, but which are collected through legitimate charges for services rendered related to the city’s wastewater system, shall be deposited into the Wastewater System Revenue Fund. The moneys in each wastewater system fund shall be used in the manner prescribed for each fund.
(b) Wastewater System Revenue Fund. The moneys collected into the Wastewater System Revenue Fund shall be used for the costs and expenses of administration, management, operation and maintenance of the wastewater facilities; for payment of acquisition of necessary easements or purchase of land; for payment of principal and interest for bonds issued and outstanding; for the semiannual payments in excess of the payment portion provided by the Wastewater System Sinking Fund in accordance with the terms of the cooperative agreements with the Ohio Water Development Authority entered into on August 15, 1985 and October 10, 1985; and for payment of remaining obligations required to meet federal requirements for the construction of the wastewater system improvements. Moneys for the replacement of equipment, accessories and appurtenances of the wastewater system are provided for in the separate funds hereinafter described.
(c) Wastewater System Sinking Fund.
(1) The moneys deposited into the Wastewater System Sinking Fund shall be used for no other purpose than to assist in the semiannual payments due from the Wastewater System Revenue Fund on loans in accordance with the terms of the cooperative agreements with the Ohio Water Development Authority entered into on August 15, 1985 and October 10, 1985.
(2) The moneys in the Wastewater System Sinking Fund shall be invested in a manner to ensure the maximum return on investments. However, money shall be made available in the amounts required to assist with the semiannual payments when due.
(3) The Director of Finance shall make semiannual determinations of the portion of such Fund that can be used to assist in the semiannual payments based on the moneys available in such Fund, the interest that can be earned and the remaining number of payments due on the loans.
(d) Wastewater Equipment Replacement Funds.
(1) Two equipment replacement funds shall be established to provide funds for the cost and expenses to furnish and install replacement equipment, accessories or appurtenances necessary to maintain the capacity and performance of the wastewater system as required by federal regulations. These replacement funds shall be named for the purpose for which the moneys deposited therein are to be used, namely:
A. Wastewater Treatment Plant Equipment Replacement Fund; and
B. Sanitary Sewer Equipment Replacement Fund.
(2) The moneys in such funds shall be invested in a manner to ensure a maximum return on investments. However, when needed, such moneys shall be made available in the amounts required for the purpose for which such funds have been established.
(Ord. 86-32, passed 6-23-1986)