§ 56.25. STORMWATER MANAGEMENT ENTERPRISE FUND.

(A)

All stormwater management assessments collected by the City shall be paid into an enterprise fund, which is hereby created, to be known as the "Stormwater Management Enterprise Fund" or the "Fund". In addition, all other revenues, funding sources and interest earnings derived from, or attributable to the system, shall be deposited in the Stormwater Management Enterprise Fund. Such Fund shall be used for the purpose of paying the cost of additions, extensions and improvements to the system, paying debt service on obligations issued to finance or refinance such additions, extensions and improvements and for paying the cost of operation and maintenance of the system. To the extent that the stormwater management assessments collected are insufficient to construct the needed stormwater drainage facilities, the cost of the same may be paid from such City fund as may be determined by the Commission, but the Commission may order the reimbursement of such fund if additional assessments are thereafter collected. Notwithstanding the foregoing, no person shall have the right to compel the City to contribute General Fund moneys to the system. When the fund has surplus dollars on hand in excess of current needs, the surplus dollars may be invested in any lawful manner and such investment earnings shall be deposited in the fund.

(B)

The stormwater management assessments collected shall not be used for general or other governmental or proprietary purposes of the City, except to pay for the equitable share of the cost of accounting, management and government thereof. Other than as described above, the stormwater management assessments shall be used solely to pay for the cost of operation, repair, maintenance, improvements, debt service, renewal, replacement, design, right-of-way acquisition, and construction of public stormwater drainage facilities and costs incidental thereto.

(Ord. No. 21-90, passed 7/10/90; Am. Ord. No. 35-93, passed 4/27/93)