Any and all funds, fees, rentals, charges, or rates collected under the authority of this division for sewer services shall be remitted to the city finance officer each month and shall be kept in a separate fund to be known as the sewer rental fund, and such fund shall be used only for the purposes of paying the cost of financing the operation, maintenance or construction of the sanitary utilities, except that no part of such fund shall be used to meet the cost of construction of lateral sewers serving local territory or the portion of the cost of sanitary sewer utilities which have been financed by special assessment against benefited properties. Pursuant to approval of ordinances numbered 290 and 296 by the requisite vote of the qualified electors of the city, the city has authorized construction of a new outfall line and sewage treatment facility as a utility undertaking. By resolution duly enacted on October 18, 1971, the city has established the terms and conditions for the issuance of three hundred fifty thousand dollars ($350,000.00) sewage disposal utility revenue bonds to finance the city's portion of the cost of such utility undertaking, and has established on the books of the city a sewage disposal utility fund, and various subfunds, for administering all revenues of such utilityundertaking. So long as any of the sewagedisposal utility revenue bonds, dated November1, 1971, or any other bonds made payable from such sewage disposal utility fund pursuant to such resolution, remain outstanding, all rates and charges collected under this division for sewer services for deposit in the sewer rental fund shall be paid into the sewage disposal utility fund and accounted for as provided in such resolution.
(Code 1982, § 19-212)