1080.08   DEPOSIT AND PROCEEDS OF COLLECTIONS.
   (a)   All proceeds from storm drainage utility charges and other collections made pursuant to the provisions of this chapter shall be deposited in the account of the Division of Stormwater Management Utility and are deemed to be payment for use of the storm drainage system. Proceeds from this account can be used for stormwater studies, catch basin repairs, ditch cleaning, pipe repair, repair of existing storm sewers, drainage areas and easement acquisitions. It is hereby designated that the intent of the utility is to provide for long-term maintenance and improvement of the stormwater sewer systems of the community. A maximum of up to fifty percent (50%) of the income collected based on the previous year will be directed to debt reduction for capital projects for stormwater drainage improvements. This will include renovation and installation of stormwater sewer systems.
(Ord. 2018-14.  Passed 3-19-18.)
   (b)   These funds shall cover any funding requirements of the City of Vermilion in relation to the rate schedule as set forth in Section 1080.10. The remaining balance will be directed to individual projects on an as needed annual basis.
(Ord. 98-71.  Passed 11-16-98; Ord. 2011-46.  Passed 8-1-11.)