(A) Establishment. There are hereby created separate and special funds designated as the “Water Utility Operating Fund” and “Sewer Utility Operating Fund” which shall be maintained on the official books and records of the city and be administered in accordance with this section. These funds shall be used to handle the revenues and expenses from the municipal water and sanitary sewer utilities owned and operated by the municipality.
(B) Revenue and expenses. Revenue from either the water or sanitary sewer system shall be credited directly to the proper account. Expenses shall be debited against the applicable water or sanitary sewer system account. Any expenses that are made for public utility purposes shall be apportioned by the Finance Director to the applicable account.
(C) Transfer of funds. The Council may transfer funds into the Utilities Operating Funds from any source, and the Council may transfer funds out of the Utilities Operating Funds to the general fund or Debt Service Fund.
(D) Pledge of funds. In the event the Council pledges any of the funds of the Utilities Operating Funds for bond redemption or any other purpose, the City Administrator shall make such payments as are necessary in the manner prescribed by law or resolution. All pledges must be satisfied before the Council can authorize a transfer out of the Utilities Operating Funds.
(E) Investment of funds. Whenever there are temporary idle funds in the Utilities Operating Funds, the Finance Director may invest said funds, and the revenue derived therefrom shall be credited to the appropriate Utilities Operating Funds.
(Prior Code, § 203.02) (Ord. 844, passed 05-20-2010)