Skip to code content (skip section selection)
The following words and terms used in this chapter shall have the following meanings unless the context or use clearly indicates another or different meaning intended:
(a) Corporate Authorities means the Council of the Village of Palos Park.
(b) Designated officer means any one of the following: the Mayor, the Commissioner of Accounts and Finances serving as the ex-officio Treasurer or the Clerk, or any other Village official designated as such by any one of said officers.
(c) Fiscal year means a twelve-month period beginning May 1 of the calendar year and ending on the next succeeding April 30.
(d) Net revenues means revenues minus operation and maintenance costs.
(e) Operation and maintenance costs means all costs of operating, maintaining and routine repair of the system, including wages, salaries, costs of materials and supplies, power, fuel, insurance and purchase of water (including all payments by the Village pursuant to long-term contracts for such service), but excluding debt service, depreciation or any reserve requirements, and otherwise determined in accordance with generally accepted accounting principles for municipal enterprise funds.
(f) Revenues means all income from whatever source derived from the system, including:
(1) Investment income;
(2) Connection, permit and inspection fees and the like;
(3) Penalties and delinquency charges;
(4) Capital development, reimbursement or recovery charges and the like; and
(5) Annexation or pre-annexation charges insofar as designated by the Corporate Authorities as paid for system connection or service, but expressly excluding: and
A. Nonrecurring income from the sale of property of the system;
B. Governmental or other grants; and
C. Advances or grants made from the Village, and as otherwise determined in accordance with generally accepted accounting principles for municipal enterprise funds.
(g) System refers to all property, real, personal or otherwise, owned or to be owned by the Village or under the control of the Village and used for waterworks purposes, including any and all further extensions, improvements and additions to the system.
(h) Water Revenue Fund means the Water Revenue Fund of the Village created and established by this chapter.
(Ord. 1996-06. Passed 4-22-96.)