Chapter 3.30
UTILITY CONSTRUCTION FUND1
Sections:
3.30.040 Use of revenue bond income.
3.30.010 Created.
The water distribution reserve fund created by Ordinance 538, the sewage collection reserve fund created by Ordinance 537 and the water and sewer construction fund are combined into a utility construction fund the income of which shall be used for extensions and betterments to the water and sewer systems. (Ord. 664 § 1, 1969).
3.30.020 Deposits.
All contributions for the following shall be deposited in this fund:
(1) Connection charges other than charges for installation of service connections, established to recover a portion of the costs of sewers and water mains constructed by the city to which no contribution was made by the benefited property;
(2) Construction charges, paid in advance of construction for the purpose of financing construction of sewers and water mains by the city, including charges for temporary connections;
(3) Monthly construction charges for the purpose of repaying the cost of sewers and water mains constructed by the city under the split rate method of financing. (Ord. 664 § 2, 1969).
3.30.030 Money placement.
Moneys shall be placed in this fund from time to time as directed by ordinance of the city council, and as may be provided for in the annual budget. (Ord. 664 § 3, 1969).
3.30.040 Use of revenue bond income.
The income from the sale of revenue bonds for extensions and betterments of the water and sewer system shall also be placed in this fund, but such funds shall be earmarked and be used only for the purpose provided for in the various bond ordinances. (Ord. 664 § 4, 1969).
Prior legislation: Ords. 537 and 538.