(A) The sewer impact fee collected pursuant to this subchapter and retained by the city shall be used only for the construction and acquisition of additions and extensions to the city wastewater system and all components thereof, including collection and transmission facilities, transmission facilities, treatment facilities, and effluent disposal facilities, in order to provide additional sewage treatment capacity, effluent disposal capacity, or wastewater service capacity to those new customers who connect to the city wastewater system.
(B) The city may by resolution provide for the application of some or all of the city's portion of the sewer impact fee to the payment or security for the payment of revenue bonds issued in whole or in part for the purpose set out in division (A) above, provided the amount of sewer capital charges applied to the payment of such bonds shall not exceed the amount of bond proceeds actually expended for such purpose with interest at the average rate borne by said bonds. Such application or pledge may be made directly in the proceedings authorizing such bonds or in an agreement with an insurer of bonds to assure such insurer of additional security therefor.
(Ord. 354, passed 12-17-87; Am. Ord. 638, passed 4-15-93; Am. Ord. 839, passed 6-5-97; Am. Ord. 1518, passed 11-6-14)