(a) The Department of Finance shall create restricted accounts designated as the sewage upgrade accounts.
(b) Revenues and expenditures from those accounts must be maintained separately from other accounts.
(c) Monthly reports are to be submitted to Council on any revenues or expenditures from these restricted accounts.
(d) Quarterly reports are to be submitted to Council on the restricted account balances.
(e) These restricted accounts shall be audited as part of the annual audit and shall be shown in the annual budget as restricted accounts.
(f) No monies from this account may be used for any other City appropriations except in limited circumstances where a transfer from this account to the City General Fund has been (1) certified by the City Manager and Finance Director as necessary to meet an immediate general financial obligation and/or to ensure adequate cash flow for City operations; and (2) approved via City Council action duly authorizing the transfer as a temporary transfer/borrowing, the repayment of which must occur in the same fiscal year in which the transfer/borrowing occurred, or on such date as otherwise designated by Council.
(Ord. 5033. Passed 5-14-09; Ord. 5243. Passed 11-8-17.)