925.08  DISPOSITION AND ADMINISTRATION OF FUNDS.
   (a)   Transfer of Funds to Finance Department.  Upon receipt of Capacity Benefit Permits funds, the Finance Director shall be responsible for placement of such funds into separate accounts as hereinafter specified.  All such funds may be deposited in interest-bearing accounts in a bank authorized to receive deposits of Municipal funds.  Interest earned by each account shall be credited to that account and shall be used solely for the purposes specified for funds of such account.
   (b)   Establishment and Maintenance of Accounts.  The Finance Director shall establish a separate account and maintain records for each such account whereby Capacity Benefit Permits collected can be segregated by the subarea development to which the Capacity Benefit Permit applies.
   The funds received from the collection of Wastewater Capacity Benefit Permits provided for in this chapter, shall be deposited as received by the Finance Director, who shall keep the same in a separate fund designated Wastewater Capacity Benefit Fund.  The funds may be invested in interest bearing accounts until used.  Subject to the provisions of any ordinance or indenture of mortgage authorizing and securing the issuance of mortgage revenue bonds for the treatment plant, moneys in the fund shall only be used for capital improvements for the wastewater treatment plant and works.
   (c)   Maintenance of Records.  The Finance Director shall maintain and keep accurate financial records for each such account that shall show the source and disbursement of all revenues; that shall account for all monies received; that shall ensure that the disbursement of funds from each account shall be used solely and exclusively for the provision of projects specified in the capital improvements program for the particular development subarea; and that shall provide an annual accounting for each Capacity Benefit Permit account showing the source and amount of all funds collected and the projects that were funded.
(Ord. 2415.  Passed 8-15-95.)