(A) The net proceeds from the operation of the city’s solid waste collection operation shall be utilized for the sole and express purpose of retiring the debt, both principal and interest, which has been incurred by the city in the funding of those items set out herein.
(B) This exclusive use of the net profits from the operation of the solid waste collection shall remain in effect until the outstanding indebtedness, both principal and interest, is satisfied in whole, after which time the net profits shall revert to the city’s General Fund.
(C) For the purpose of this chapter,
NET PROFITS shall be that amount of profit derived from the solid waste collection business on a periodic basis after the deduction of all ordinary and necessary expenses, including onset operation, including, but not limited to, equipment, costs of repairs and operations, manpower, insurance and related expenses.
(Ord. 359-90, passed 1-7-1991)