§ 86-244. Disposition of revenue.

(a)

Costs of operation and maintenance; depreciation reserve; bond payments. The rates and charges set forth in this division shall be applicable to all services furnished and made available by the wastewater works to the village and its inhabitants, and all other persons, firms and corporations, both public and private, until modified by ordinance amendatory hereof or supplemental hereto, provided such rates and charges, as amended, shall always be fixed, maintained and collected in such amount as shall produce gross revenues adequate to pay as incurred all costs of the operation and maintenance of the utility, to accumulate an adequate reserve for the depreciation thereof, and to pay, when due, the principal of and interest on all bonds of the utility which are payable from the revenues of the wastewater works.

(b)

Revenue fund. The funds received from the collection of the sewer service charges authorized by this article shall be credited to a sewer system revenue fund and shall be set aside into the separate and special funds heretofore provided for by the approving authority for the reasonable and proper operation and maintenance of the wastewater works, for a proper and adequate depreciation account, and for the payment of the interest and principal of bonds issued and outstanding, or which may be hereafter issued to provide funds to construct, improve or extend the wastewater works.

(c)

Additional payments. When appropriated by the approving authority, the credits to the depreciation account remaining after the payment of operation and maintenance costs and interest and principal of bonds issued shall be available for the payment of the following uses:

(1)

The replacement of existing sewer mains.

(2)

Substitution of larger sizes for existing mains.

(3)

New primary sewer mains and installation of new primary sewer mains in excess of such charge or cost, payable by statutory assessment.

(4)

Road repair required by such construction.

(5)

Contracted engineering service to ensure a planned program.

(6)

Repairs, renewals or expansion of the wastewater works in excess of $5,000.00.

(d)

Surplus. Any surplus in the account shall be available for the payment of principal and interest of bonds issued and outstanding, or which may be issued to provide funds for the wastewater works or part thereof, and all or a part of the expenses for additions and improvements and other necessary disbursements or indebtedness, together with other uses authorized by W.S.A., § 66.069(1)(c), and the approving authority may, by resolution, pledge such surplus or any part thereof for any such purpose.

(Code 1966, § 23.08)