(A) The Village Treasurer shall establish a proper system of accounts and shall keep proper books, records and accounts in which complete and correct entries shall be made of all transactions relative of the water and wastewater facilities, and at regular annual intervals shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the water and wastewater facilities.
(B) The funds and monies deposited in the water or wastewater operating and maintenance accounts of the village shall be paid out by the Village Treasurer upon due authorization of the Village Board of Trustees for the following purposes:
(1) Operation, maintenance, repair and replacement of the existing water or wastewater facilities.
(2) Debt service.
(3) Bond reserve accounts.
(4) Depreciation account.
(5) Equipment replacement fund.
(6) Capital improvement fund to provide for future initial construction or rehabilitations to the water system, wastewater treatment plant or collection system, generally considered as public benefit.
(Ord. 18-04-01, passed 4-24-2018)