§ 2-494. Waterworks funds.

There are hereby created the following waterworks funds, which shall be kept separate and apart from each other and from other funds of the city:

(a)

Water fund. This fund shall be the general working fund for water service. Therein shall be deposited all income, revenue and receipts of any and all kinds derived from the operation of the waterworks system of the city. Out of this fund shall be paid as they become due and payable:

(1)

All operating expenses of the waterworks system, including salaries and wages of waterworks system officers and employees of the water services department, and all other operating costs, including the cost of all materials and supplies used in operation, together with all repairs and maintenance of waterworks system and costs due to obsolescence.

(2)

Payments to waterworks system and interest fund.

(3)

Interest and principal of all other bonds issued by the city for waterworks purposes and which are a general obligation of the city as such interest becomes due and the bonds mature.

(4)

Additions and betterments to the waterworks system, including enlargements and extensions of the system.

(b)

Water debt and interest fund. This fund shall be used to meet the principal and interest payments on water revenue bonds. Payments will be made to this fund in accordance with covenants and revenue bonds which may have been issued or may hereafter be issued.

(c)

Water deposit fund. This fund shall be used to account for all deposits made by consumers or others to guarantee payment of water services or water repair bills or to cover the estimated cost of work to be done or material furnished by the water services department or any other deposit which the water services department may require for all other purposes, except deposits for water main extensions. Revenue derived from the investment of such funds so deposited by consumers or other shall be credited to the water fund.

(Ord. No. 070230, § 1, 3-8-07)