(A) All revenue derived hereunder shall be set aside as collected and deposited in a bank duly qualified to do business in the state in an account to be designated “Village of Lake Orion Extensions of the Paint Creek Disposal System Receiving Fund” (hereunder referred to as “The Receiving Fund”) and the revenue so deposited shall be transferred from the Receiving Fund to such other funds as are herein established in the manner and at the times hereinafter set forth.
(1) Operation and Maintenance Fund. Out of the revenue in the Receiving Fund there shall be first set aside quarter-annually into separate account designated “Operation and Maintenance Fund” a sum sufficient to provide for the payment of the next quarter's current expenses of administration and operation of the system and such current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.
(2) Bond and Interest Redemption Fund. Out of the revenues in The Receiving Fund there shall next be set aside quarter-annually into a separate account designated “Bond and Interest Redemption Fund” a sum not less than one-quarter of that amount necessary to meet the next annual payment of interest and bond redemption. All monies received from Capital Payments and Lateral Benefit Payments shall be put into the Bond and Interest Redemption Fund.
(3) Improvement and Reserve Fund. Out of the revenue in The Receiving Fund there shall lastly be set aside once annually into a separate account designated “Improvement and Reserve Fund,” such sums which shall be in excess of the needs and requirements of the Operation and Maintenance Fund, such excess to be held for the purpose of improving, enlarging and extending the Village of Lake Orion Extensions of the Paint Creek Sewage Disposal System and for the purpose of providing a reserve fund for all future payments of interest and bond redemption.
(B) All monies belonging to any of the foregoing funds or accounts may be kept in one bank account, in which event, the monies shall be properly allocated on the books and records of the village within this single bank account in the manner seat forth above.
(C) In the event monies in The Receiving Fund are insufficient to meet the requirements of the Operation and Maintenance Fund or the requirements of the Bond and Interest Redemption Fund, then such funds or securities in the Improvement and Reserve Fund shall be transferred to either or both of such funds to the extent of any deficit that might exist therein.
(D) Monies in any fund or account established by the provisions of this chapter may be invested in such securities as may hereafter be permitted by law. In the event such investments are made, the securities representing the same shall be kept on deposit with the bank or trust company having on deposit the fund or funds from which such purchase was made. Income received from such investments shall be credited to the fund from which said investments were made.
(E) All funds received under this chapter from the Lake Orion Extensions of the Paint Creek Sewage Disposal System shall not, under any circumstances, be commingled with any other funds received by the village.
(Ord. 23.01, passed 9-28-70)