A. Capital Improvements Or Major Maintenance: Funds collected from water and sewer facility connection fees shall be used solely for the purpose of acquiring, constructing, equipping, and/or making capital improvements or major maintenance to water and sewer facilities under the jurisdiction of the city, and shall not be used for daily maintenance or operations. (Ord. 660, 3-12-1996)
B. Order Funds Expended: Funds from the water and sewer facilities dedicated fund may only be used for water facilities and sewer facilities capital improvement or major maintenance purposes. Funds shall be deemed expended in the order in which they are collected. (Ord. 660, 3-12-1996; amd. 2009 Code)
C. Bonds Or Similar Debt Instruments: In the event that bonds or similar debt instruments are issued for advanced provision of capital facilities for which water and sewer facilities connection fees may be expended, connection fees may be used to pay debt service on such bonds or similar debt instruments to the extent that the facilities provided are of the type described in subsection A of this section.
D. Annual Proposed Capital Improvement Program: At least once each fiscal period, the city water and sewer commissioner shall present to the city council a proposed capital improvement program for water and sewer facilities, assigning funds from the water and sewer facilities dedicated fund to specific water and sewer facilities improvement projects and related expenses. Monies not assigned in any fiscal period shall be retained in the water/sewer dedicated fund until the next fiscal period, except as provided by the refund provisions of this chapter.
E. Refunds: Funds may be used to provide refunds as described in section 8-4-8 of this chapter.
F. Rebate Developer Costs: Funds may be used to rebate developer costs for providing water and/or sewer capital facilities in excess of the capacity required to the individual developer making the provision. Any rebates must be pursuant to a refunding agreement entered between the developer and city after the effective date hereof. (Ord. 660, 3-12-1996)