All revenues earned and fees collected for storm water service, including, but not limited to, drainage service charges, permit and inspection fees, direct charges and interest earnings on any unused funds shall be deposited in an account entitled “City of Richmond Storm Water Revenue Fund” and shall be subject to the provisions of I.C. 36-9-23, as amended. Disbursements from this account shall be authorized by the Board of Storm Water Management and, where required by law, the Common Council. Such disbursements shall be used exclusively for the operation, maintenance and improvement of the city’s storm water system. Funds from this account shall not revert to any other city utilities or the General Fund of the city and may not be transferred for any other purpose. To the extent that there are outstanding revenue bonds of the city issued pursuant to the provisions of I.C. 36-9-23, as amended, revenues deposited in the Storm Water Revenue Fund shall be subject to the covenants contained in the ordinance or ordinances authorizing such outstanding bonds.
(Prior Code, § 59.13)