(a) The amounts collected for surcharges, usage and tap-in fees shall be credited to the Sewer 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 engineering, construction, management and repair of the sanitary sewerage system, regulator chambers, storm standby tanks and pumping stations and for the payment of the cost and expense of replacement, extensions to or enlargement of the same and for the payment of principal and interest on any debt incurred for the construction of such sewerage system, regulator chambers, storm standby tanks and pumping stations, and for the payment to the City of Columbus of its portion of the charge, pursuant to the sanitary sewer agreement between the village and the City of Columbus.
(c) The Fiscal Officer, as part of the annual budget process, shall adjust the amount of the surcharges and usage fees allocated for debt service so that it results in approximately equal amounts recorded in the debt service fund(s) 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)