§ 58-65. Disposition of revenue.

(a)

The revenues of the wastewater system derived from the collection of rates established by this article are hereby ordered to be credited, as collected, to a separate account to be designated as the wastewater system receiving account (hereinafter referred to as the receiving account) and the revenues in such account shall be credited to the following accounts quarterly in the manner hereinafter specified for the purposes therein mentioned.

The revenues of the wastewater system may be deposited in such bank accounts and with such depositories as the city commission may, by resolution or ordinance, designate.

(b)

Out of the revenues in the receiving account, there shall be credited quarterly to a separate account, designed as the operation and maintenance account, a sum sufficient to provide for the ensuing quarter of the current yearly budget for the administration and operation of the system, including billing, accounting, postage, and related costs, and such current expenses for the maintenance thereof as may be necessary to preserve the same in good repair and working order.

(c)

There shall be established a replacement account. Surplus replacement funds shall be accumulated until used. Excess replacement funds shall be disposed of similar to the surplus account. The replacement fund shall be reviewed annually to determine that sufficient replacement funds are in the account.

(d)

There shall next be established and maintained a separate account, designed as the debt retirement account, which account shall be used solely and only for the purpose of paying the principal of and interest on the bonds of the system as are now or may hereafter be issued, except special assessment bonds. Any tax revenues designated for use in retiring such bonds shall likewise be credited to this account as and when received. There shall be set aside from time to time in such account at least a sufficient amount to meet the principal and interest requirements accruing in the current fiscal year.

(e)

After all such funds have been credited as above provided, the revenues derived from the charges collected and taxes designated as aforesaid may be used for the purpose of construction, expansion, extension, and improvement of the system.

(f)

Any surplus revenues remaining at the end of any fiscal year, after the above requirements have been met, shall be credited to the system surplus account and shall be disposed of by the city commission in the manner provided by law.

(Ord. No. 95, 10-1-79)