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(A) There are hereby established the following funds with respect to the construction, equipping, debt service and operation of the City Transfer Station:
(1) Transfer Station Capital Improvement and Replacement Fund;
(2) Transfer Station Operating Fund;
(B) In addition to funds received from monthly receipts from refuse collection as set out in § 50.03(B), funds received as a result of charges levied at the Transfer Station shall be deposited in the appropriate account as set forth in division (A) above in order to provide proper records of said operations, receipts, and disbursements for those purposes as provided by law and required by the State Board of Accounts.
(C) Capital Improvement and Replacement Fund. Two thousand five hundred dollars of the revenues of the Transfer Station Department shall be set aside monthly and paid into the special fund designated the Transfer Station Capital Improvement and Replacement Fund ("Improvement Fund") to be used to pay the cost of additions, improvements and replacements of Transfer Station Department equipment and properties. If the Transfer Station Operating Fund balance becomes negative, and upon notification to the Mayor by the Clerk-Treasurer that a deficit exists in the Operating Fund, the Mayor may instruct the Clerk-Treasurer to transfer sufficient funds from the Improvement Fund and suspend making monthly payments to the Improvement Fund as long as necessary to bring the Operating Fund to a positive Fund balance. At the next regular meeting of the Common Council, the Mayor will inform the Council that the transfer of funds and suspension of making monthly payments to the Improvement Fund was done. Also, if in the judgment of the Mayor, that the Improvement Fund has a surplus beyond anticipated future requirements or requires additional funds to support anticipated requirements, as long as it will not jeopardize the ability of the city to timely pay its operating obligations, he may elect to reduce or increase the monthly amount being transferred after notifying the Council that such action is being made.
(Ord. 2013 S-2, passed 4-2-13)