The city shall account for all industrial cost recovery payments in the following manner:
(A) All revenues derived from the industrial cost recovery rates and charges shall be segregated and kept in a special fund, separate and apart from all other funds of the city. The special fund shall be designated the "water pollution control center industrial cost recovery fund" and payment of said amount into said fund shall be deemed a reasonable expense of operation of the sewage works for the purpose of computing net operating revenue.
(B) Within one hundred twenty (120) days following the end of the first calendar year after completion of construction and improvements to the treatment works, and annually thereafter, the city shall return fifty percent (50%) of the amounts recovered through the industrial cost recovery charges, together with any interest earned thereon, to the U.S. treasury. The remaining fifty percent (50%) retained by the city shall be invested in authorized obligations of the U.S. government or any agency thereof pending use of the retained amount for reconstruction or expansion.
(C) Eighty percent (80%) of the funds retained by the city in the water pollution control center industrial cost recovery fund or authorized investments and the interest earned thereon, shall be expended only for the purpose of eligible costs of the expansion and reconstruction of the treatment works associated with the project and necessary to meet requirements of the act. All such expansion or reconstruction programs must be approved in writing by the regional administrator of the U.S. environmental protection agency prior to commitment or expenditure of the retained funds. The remaining twenty percent (20%) of the funds retained by the city may be utilized for any authorized use established by the city. (Ord. 181, 3-1-1976)