(a) The amounts collected for surcharges, usage and tap-in fees shall be credited to the water line maintenance fund after allocations for debt service as determined by the Fiscal Officer.
(b) The surcharges, usage and tap-in fees shall be used for the maintenance, repair, replacement and debt service on the water lines and hydrants, including, but not limited to, feasibility studies, engineering and any related activities within the village.
(c) The Fiscal Officer, as part of the annual budget process, shall adjust the amount of the surcharges and usage fees allocated to debt service so that it results in approximately equal amounts recorded in the debt service funds in each of the remaining years the debt is outstanding. A final adjustment may be made in the last year that the debt is to be retired.
(Ord. 13-2016, passed 9-26-2016)