The funds received from the collection of the rates and charges hereinafter provided shall be deposited as received with the Director of Finance, who shall keep the same in a separate fund designated Sewer Revenue Fund. Subject to the provisions of the ordinance and indenture of mortgage securing mortgage revenue bonds for the system, monies in the Fund shall be used for the payment of the cost and expense of the operation, maintenance, replacement, repair and management of the system and for payment of debt charges on bonds issued for extensions and improvements of the system, provided, however, that the sums of money established by the federally approved user charge system as necessary for replacement costs shall be used solely for replacement parts or equipment or shall be deposited in a Replacement Fund to be used for the purpose of replacement as defined in § 1046.01(e). In no event shall any of the monies be used for any other purpose which would be contrary to the purposes permitted under R.C. § 729.52.
(Ord. 1980-138, passed 4-6-1981)