§ 58-67. Use of proceeds; revisions of rates.

The rates hereby fixed are estimated to be sufficient to provide for the payment of any or all indebtedness, to provide for the expenses of administration and operation and such expenses of maintenance of such system as are necessary to preserve the same in good repair and working order, to build up a reasonable reserve for equipment replacement thereof. Such rates shall be fixed and revised from time to time as may be necessary to produce these amounts. An annual audit shall be prepared. Based on said audit, rates for sewage services shall be reviewed annually and revised as necessary to meet system expenses and to insure that all user classes pay their proportionate share of operation, maintenance, and equipment replacement cost.

If any of the replacement funds are spent before the two-year period and where the replacement funds are based on the sinking fund method, the annual cost must be reviewed to compensate for the loss in principal.

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