The portion of the total user charge collected which is designated for operation and maintenance including replacement purposes as established in §§ 53.116 through 53.121 shall be deposited in a separate non-lapsing fund known as the Operation, Maintenance, and Replacement Fund and will be kept in two primary accounts as follows:
(A) An account designated for the specific purpose of defraying operation and maintenance costs (excluding replacement) of the treatment works (Operation and Maintenance Account); and
(B) An account designated for the specific purposes of ensuring replacement needs over the useful life of treatment works (Replacement Account). Deposits in the replacement account shall be made at least annually from the operation, maintenance, and replacement revenue in the amount of $1,613 annually.
(1990 Code, § 3-204) (Ord. 389, passed 11-17-1992; Ord. 401, passed 4-6-1993)