§ 51.103 ACCOUNTING PROCEDURE.
   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 Sewage Works 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 45 days following the end of the first calendar year after completion of construction of the sewage facilities and annually thereafter, the city shall return 50% of the amounts recovered through the industrial cost recovery charges, together with any interest earned thereon, to the U.S. Treasury. The remaining 50% retained by the city shall be invested in authorized obligations of the U.S. government or any agency thereof.
   (C)   Eighty percent of the funds retained by the city in the Sewage Works Industrial Cost Recovery Fund or authorized investments and the interest earned thereon, shall be expended only for the purpose of eligible costs of expansion or reconstruction of the treatment works. All such expansion or reconstruction programs must be approved by the U.S. Environmental Protection Agency prior to commitment or expenditure of the retained funds. The remaining 20% of the funds retained by the city may be utilized for any authorized use associated with the sewage works.
('77 Code, § 20-76) (Ord. 375, passed 4-3-78)