§ 34-253. Wastewater treatment system; allocation of revenues.

The revenues and income derived from the collection of rates and charges as authorized under the August 17, 1977 Sewer Service Agreement between the Cities of Owosso and Corunna, and Townships of Owosso and Caledonia shall be deposited in funds set up for such revenues specified as follows:

(1)

Operation and maintenance fund. There shall be established a fund or account to be designated operation and maintenance fund from the revenues received from the users or such purpose. Out of these revenues, payments will be made for current expenses of operation, maintenance, scheduled replacement, and administration of the wastewater treatment system of the city.

(2)

Replacement fund. A replacement fund shall be established for the purpose of maintaining the capacity and performance of the wastewater treatment plant. Annual payments shall be made to the fund.

(3)

Improvement fund. An improvement fund may be established for the purpose of making replacements, renewals and improvements to the plant as determined by the plant review board. The moneys to fund the depreciation on the plant included in the operation and maintenance charge, may be transferred to the improvement fund.

(Ord. No. 363, § 2.98, 10-6-80)