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(a) All stormwater drainage fees collected by the City shall be paid into an enterprise fund which is hereby created, to be known as the “stormwater utility fund.” Such fund shall be used for the purpose of paying the costs of operation, administration and maintenance of the stormwater drainage facilities of the City and to carry out all other purposes of the utility. To the extent that the stormwater drainage fees collected are insufficient to construct the needed stormwater drainage facilities, the cost of the same may be paid from such City fund as may be determined by the City Council, but the City Council may order the reimbursement of such fund if additional fees are thereafter collected. When the fund has surplus dollars on hand in excess of current needs, the surplus dollars will be invested to return the highest yield consistent with proper safeguards. Any interest earned on invested surplus dollars shall be placed in the stormwater utility fund.

(b) The fees and charges paid and other income received shall not be used for general or other governmental or proprietary purposes of the City, except to pay for the equitable share of the cost of accounting, management and government thereof. Other than as described above, the fees and charges shall be used solely for the purposes stated herein. (Ord. 19496 § 128, 12-21-10; Ord. 17059 § 21, 12-17-96. Code 1995 § 146-404. Formerly 14.85.130.)

Cross References:City Council – Mayor, Chapter 2.15 TMC.