(A) The Water Utility Division will be under the jurisdiction of the town and shall be considered as a utility business division and subject to property taxes and franchise fees.
(B) The Sewer Utility Division will be under the jurisdiction of the town and shall be considered as a utility business division and subject to property taxes and franchise fees.
(C) The property tax rate for the Water Division and the Sewer Division shall be the same percentage rate for all real property as any utility business as determined by the state. The property taxes will be distributed to the General Fund Revenue of the town at the beginning of the next fiscal year.
(D) The franchise fee for the Water Division and the Sewer Division shall be at a percentage rate of 15% of the gross income determined by the established water and sewer rates of the town for the previous fiscal year. This amount will be distributed to the General Fund Revenue of the town as needed during the next fiscal year.
(Ord. 171, passed 6-20-2016)