The City shall have the following powers, duties, and responsibilities with respect to the stormwater utility:
A. Administer the design, construction, maintenance, and operation of the utility sytems, including capital improvemetns designated in the comprehensve drainage plan.
B. Acquire, construct, lease, own, operate, maintain, extend, expand, replace, clean, dredge, repair, conduct, manage, and finance such facilities, operations, and activities, as are deemed by the City to be proper and reasonably necessary for a system of storm and surface water management. These facilities may include, but are not limited to, surface and underground drainage facilities, storm sewers, watercourses, ponds, ditches, and such other facilities relating to collection, runoff, treatment, and retention as will support a stormwater management system.
C. The City shall separately account for the stormwater utility finances. The stormwater utility shall prepare an annual budget, which is to include all operation and maintenance costs and costs of borrowing. The budget is subject to approval by the City Council. Any excess of revenues over expenditures in a year shall be retained in a segregated fund, which shall be used for stormwater utility expenses in subsequent years. Stormwater utiltiy fees collected shall be deposited in the stormwater utility fund and shall be used for not other purpose.