The town shall account for all industrial cost recovery payments in the following manner.
(A) All revenues derived from the industrial cost recovery rates and charges shall be segregated
and kept in a special fund, separate and apart from all other funds of the town. The special fund shall be designated the Sewage Works Industrial Cost Recovery Fund, and payment of this amount into this Fund shall be deemed a reasonable expense of operation of the sewage works for the purpose of computing net operating revenue.
(B) Within 120 days following the end of the first calendar year after completion of construction and improvements to the treatment works, and annually thereafter, the town shall return 50% of the amounts recovered through the industrial cost recovery charges, together with any interest earned thereon, to the U.S. Treasury. The remaining 50% retained by the town shall be invested in authorized obligations of the U.S. government, or any agency thereof.
(C) Eighty percent of the funds retained by the town in the Sewage Works Industrial Cost Recovery Fund, or authorized investments and the interest earned thereon, shall be expended only for the purpose of eligible costs of expansion or reconstruction of the treatment works. All expansion or reconstruction programs must be approved by the U.S. Environmental Protection Agency prior to commitment or expenditure of the retained funds. The remaining 20% of the funds retained by the town may be utilized for any authorized use associated with the sewage works.
(1995 Code, § 51.109) (Ord. 2-1976, passed 3-18-1976)
Cross-reference:
For other town funds, see Chapter 33