(a) The revenues received from the collection of the rates and charges established by the City shall be deposited as received with the Treasurer, who shall keep the same in a separate fund designated "Sewer Revenue Fund". Such fund shall have separate and distinct accounts for each element of cost for the wastewater facilities, such as:
(1) Operation and maintenance;
(2) Debt service;
(3) Capital improvements, etc.
(b) Subject to the provisions of any ordinance or indenture of mortgage authorizing the issuance of and securing mortgage revenue bonds for the wastewater collection and treatment facilities, moneys in the fund shall be used for the payment of the cost and expense of operation, maintenance, replacement, repair, administration and management of such facilities and for payment of debt charges on bonds issued for extensions and improvements of such facilities.
(c) Revenues received specifically for the costs of operation and maintenance, including replacement, shall be managed and secured in accordance with the requirements of the Act and the U.S. Environmental Protection Agency. Revenues received and deposited for each separate and distinct account of "Sewer Revenue Fund" shall be managed, secured and disbursed for the purpose for which such revenues are collected and shall not be transferred within the "Sewer Revenue Fund".
(d) Any surplus in the "Sewer Revenue Fund" over and above the requirements heretofore mentioned, may be used for upgrading, expansion or any replacement to the facilities and parts thereof.
(Ord. 1350. Passed 11-16-78.)