The funds received from the collection of the rates and charges hereinafter provided shall be deposited as received with the Village Clerk who shall keep the same in a separate fund designated Sewer Revenue Fund. Subject to the provisions of any ordinance or indenture of mortgage authorizing the issuance of and securing mortgage revenue bonds for such system, monies in the Fund shall be used for the payment of the cost and expense of operation, maintenance, repair, and management of the system and for payment of debt charges on bonds issued for extensions and improvements of the system. Any surplus in such Fund over and above the requirements hereinbefore mentioned may be used for enlargements of and replacements to the system and parts thereof.
(Ord. 2009-20. Passed 7-28-09.)