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(a) All amounts billed and collected for sewage service charged by the Administrative and Financial Services Department shall be segregated in a separate account designated as the sewage disposal system fund. This fund shall be used only for the purpose of paying the costs of the operation, maintenance and administration of the sewage treatment system of the City, for providing an adequate depreciation fund, and for paying the principal and interest of the revenue bonds issued and principal and interest of general obligation bonds now outstanding, which have heretofore been issued against the sewage treatment plant, as and when the principal and interest become due and payable according to the terms and conditions of the outstanding bonds.

(b) If there shall be any balance remaining in the fund after payment of the items provided in this section, then the balance may be used to pay the cost of extending and improving the sewage treatment system; provided, that there has been set aside therefrom an amount sufficient to pay one year’s principal and interest on the revenue bonds issued under this chapter in addition to the current year’s principal and interest. (Ord. 19496 § 98, 12-21-10. Code 1981 § 44-303. Code 1995 § 146-349. Formerly 14.80.850.)