(A) (1) The city hereby established a “Utility Fund” as an income fund to receive all revenues generated by the utility charge system, and all other income dedicated to the operation, maintenance, replacement and construction of the wastewater treatment works, including taxes, special charges, fees and assessments intended to retire construction debt.
(2) The city also establishes the following accounts as income and expenditure accounts within the Utility Service Fund.
(a) Operation and Maintenance Accounts;
(b) Equipment Replacement Accounts; and
(c) Debt Retirement Accounts.
(B) All revenue generated by the Utility Service Fund, all other income pertinent to the treatment system, including taxes and special assessments dedicated to retire construction debt, shall be held by the City Administrator-Treasurer separate and apart from all other funds of the city. Funds received by the Utility Service Fund shall be recorded in the Utility Fund in accordance with state and federal regulations and the provisions of this ordinance.
(C) Revenue generated by the Utility Service Fund sufficient to ensure adequate replacement throughout the design or useful life, whichever is longer, of the wastewater facility and revenue sufficient for operation and maintenance shall be maintained in the Utility Fund.
(2009 Code, § 406.04) (Ord. passed 2-12-1990)