§ 56-117. Fiscal matters.

(a)

Except to the extent otherwise provided by subsection 56-108(e), all fees and charges paid and collected pursuant to this division shall be segregated, credited and deposited in a special fund or funds, and shall not be transferred therefrom to any other account of the city, except to pay for expenses directly attributable to storm drainage activities.

(b)

The fees and charges paid and collected by virtue of this division shall not be used for general or other governmental or proprietary purposes of the city, except to pay for the equitable share of the costs of accounting, management, and government thereof. Instead, the fees and charges shall be used other than as described above, solely to pay for the costs of the operation, repair, maintenance, improvement, renewal, replacement and reconstruction of storm drainage facilities within the city and costs incidental thereto.

(c)

The city may pledge all fees and charges collected under this article, including those anticipated to be collected, to the payment of principal and interest of general obligation bonds or revenue bonds issued by the city for financing the design, construction, construction inspection, reconstruction, improvement, replacement and installation of facilities and the acquisition of interests in land.

(d)

The annual budget of the department of public works shall include a proposed budget for (1) the operation and maintenance of storm drainage facilities for the ensuing budget year, and (2) the construction of storm drainage facilities during the same period. There shall also be included in the annual budget a statement of all amounts presently in the storm drainage fund, and an estimate of anticipated revenues for the ensuing budget year.

(Ord. No. 160-80, § 1(167A.12), 4-14-80; Ord. No. 200-02, § 10, 3-11-02; Ord. No. 340-11, § 7, 6-20-11)