§ 52.096 DISPOSITION OF COLLECTED FUNDS.

   The city shall retain 50% of the amounts recovered from industrial users. The remainder, together with any interest earned thereon, shall be returned to the United States Treasury through the federal environmental protection agency on an annual basis.

(1994 Code, § 52.086) (Ord. 263, passed 3-8-1976)

§ 52.097 USE OF CITY-RETAINED FUNDS.

   A minimum of 80% of the retained amounts described above, together with interest earned thereon, shall be used by the city solely for the cost, determined to be eligible by the Regional Administrator of the Federal Environmental Protection Agency, of the expansion or reconstruction of treatment works. The city shall obtain the written approval of the Regional Administrator prior to commitment of the retained amounts for any expansion or reconstruction. The remainder of the retained amounts (20%) may be used by the city as it sees fit.

(1994 Code, § 52.087) (Ord. 263, passed 3-8-1976)

§ 52.098 REQUIRED TYPES OF INVESTMENT.

   Pending use of the retained amounts, the city shall invest the same for reconstruction and expansion in:

   (A)   Obligations of the United States Government;

   (B)   Obligations guaranteed as to principal and interest by the United States Government, or any agency thereof; and

   (C)   Accounts fully collateralized by obligations of the United States Government or by obligations fully guaranteed as to principal and interest by the United States Government or any agency thereof.

(1994 Code, § 52.088) (Ord. 263, passed 3-8-1976)

§ 52.099 SYSTEM ADMINISTRATION BY CITY CLERK.

   The industrial cost recovery system provided herein shall be administered by the City Clerk, with the approval and advice of City Council.

(1994 Code, § 52.090) (Ord. 263, passed 3-8-1976)

§ 52.100 ANNUAL AUDIT.

   An audit of the industrial cost recovery system shall be conducted on an annual basis by a qualified and licensed certified public accountant.

(1994 Code, § 52.091) (Ord. 263, passed 3-8-1976)