§ 25-115. Disposition of recovered funds.

All funds recovered during the annual accounting period, with the exception of the discretionary portion, shall be deposited in interest-bearing accounts which are fully collateralized by obligations of the United States government or by obligations fully guaranteed as to principle and interest by the United States government, or any agency thereof.

At no less than annual intervals, no later than four (4) months after the end of the authority's annual accounting period, the authority shall submit to the United States Environmental Protection Agency fifty (50) per cent of all industrial cost recovery collected during such fiscal year together with any interest earned thereon.

Forty (40) per cent of any industrial cost recovery revenues together with any interest earned thereon shall be placed in an account entitled "Expansion and Reconstruction Account" Funds in this account shall be expended only for expansion and reconstruction of treatment works within the authority's jurisdiction which are eligible for grant assistance. The authority shall obtain the written approval of the regional administrator of the environmental protection agency prior to committing any of these funds.

Five (5) per cent of any industrial cost recovery revenues together with any interest earned thereon shall be retained by the political subdivisions for administration and such other purposes as they shall deem proper, except for construction of industrial pretreatment facilities or rebates to industrial users for costs incurred by such users in complying with federal user charge or industrial cost recovery requirements.

The remaining five (5) per cent of any industrial cost recovery revenues together with any interest earned thereon shall be used to administer this system, and for such other purpose as the authority shall deem proper, except for construction of industrial pretreatment facilities or rebates to industrial users for costs incurred by such users in complying with federal user charge or industrial cost recovery requirements.

(Ord. No. 80-1700-151, 3-4-80)

(Ord. No. 80-1700-151, 3-4-80)