(A) The user charge system shall generate adequate annual revenues to pay costs of annual operation and maintenance, including replacement and costs associated with debt retirement of bonded capital associated with financing the treatment works which the city may, by ordinance, designate to be paid by the user charge system.
(B) That portion of the total user charge collected, which is designated for operation and maintenance including replacement purposes, as established in § 53.36, shall be deposited in a separate non-lapsing fund known as the Operation, Maintenance and Replacement Fund and will be kept in two primary accounts as follows:
(1) An account designated for the specific purpose of defraying operation and maintenance costs, including replacement of the treatment works (Operation and Maintenance Account); and
(2) An account designated for the specific purpose of ensuring replacement needs over the useful life of the treatment works (Replacement Account). Deposits in the Replacement Account shall be made annually from the operation, maintenance and replacement revenue in the amount of $340 annually.
(C) (1) Fiscal year-end balances in the operation and maintenance account and the replacement account shall be carried over to the same accounts in the subsequent fiscal year and shall be used for no other purposes than those designated for these accounts. Monies which have been transferred from other sources to meet temporary shortages in the operation, maintenance and replacement fund shall be returned to their respective accounts upon appropriate adjustment of the user charge rates.
(2) The user charge rate shall be adjusted such that the transferred monies will be returned to their respective accounts within the fiscal year following the fiscal year in which the monies were borrowed.
(D) Of the revenue collected, $7,285 per year, shall be allocated for debt service retirement, to be apportioned among the users according to the rates set up and established in § 53.36.
(E) The city will notify each user at least annually, in conjunction with a regular bill, of the rate being charged for operation and maintenance (including replacement) of the treatment works.
(F) (1) At least once every two years, the Mayor and City Council shall review the sewer user charge system in order to maintain its adequacy to pay the costs of operation and maintenance including the replacement and the proportionality of charges among the users and user classes.
(2) Any excess revenues collected from a class of users shall be credited to that class for the next year and its rates will be adjusted accordingly.
(`77 Code, § 3-210) (Am. Ord. 438, passed 8-3-87)