§ 2-495. Stormwater funds.

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

(a)

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

(1)

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

(2)

Payments to the stormwater system and interest fund.

(3)

Interest and principal of all other bonds issued by the city for stormwater system 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 stormwater system, including enlargements and extensions of the system.

(b)

Stormwater debt and interest fund. This fund shall be used to meet the principal and interest payments on stormwater system 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.

(Ord. No. 070230, § 1, 3-8-07)