939.11 DISBURSEMENT OF INDUSTRIAL COST RECOVERY FUNDS.

   Final disbursement of funds collected through the Industrial Cost Recovery System charges shall be as follows:

   (a)   The Finance Director shall on an annual basis return to the United States Treasury fifty percent (50%) of the amounts recovered from the industrial cost recovery charge during the preceding year along with any interest earned thereon.

   (b)   Forty percent (40%) of such recovered amounts including any interest earned thereon shall be used solely in accordance with paragraph 35.928 of the Construction Grants Regulation, 38FR5328 (eligible costs of future sewerage system improvements). The Finance Director shall obtain the approval of the Regional Administrator of the United States Environmental Protection Agency prior to commitment of the retained amounts for any expansion and/or reconstruction.

      (1)   Pending use of these moneys in the manner prescribed, the Finance Director shall invest such funds and any interest earned thereon in accordance with the provisions of Section 939.10(b).

   (c)   Ten percent (10%) of the remaining amount of the recovered sums, together with any interest earned thereon shall be transferred to the Sewer System Improvement Fund. (Ord. 80-557. Passed 6-25-80.)