There is established in the City Treasury a fund in which shall be deposited the fees, charges, receipts and any and all payments collected or received from the operation of the City wastewater facilities, and all such funds shall be received by the City Treasurer and kept in a fund known as the "Springfield Wastewater Facilities Fund" ("local"), which shall be separate from all other moneys, funds or property of the City, and the principal and interest of which shall only be expended, subject to appropriation with the approval of the Mayor and the City Council of the City, for the operation and maintenance of and improvements to a wastewater treatment facility system and for any bonded indebtedness and interest of said City wastewater facilities or for transfer to the Greater Springfield Regional Wastewater Facilities Fund for purposes stated in this Part
2, all to be done in accordance with Chapter 520 of the Acts of 1975 of the General Court of the Commonwealth.
The City establishes by this section, and there is hereupon
established, in the City Treasury a fund in which shall be deposited
the fees, charges, receipts and any and all payments collected or
received from the operation of the Greater Springfield Regional Wastewater
Facilities, and any and all such funds shall be received by the City
Treasurer and kept in a fund known as the "Greater Springfield Regional
Wastewater Facilities Fund" ("regional"), which shall be kept separate
from all other moneys, funds or property of the City, and the principal
and interest of which shall only be expended, subject to appropriation
with the approval of the Mayor and the City Council of the City, for
the operation and maintenance of and improvements to a wastewater
treatment facility system and for any bonded indebtedness and interest
for said Greater Springfield Regional Wastewater Facilities, all to
be done in accordance with Chapter 520 of the Acts of 1975 of the
General Court of the Commonwealth.
The Auditor of the City shall file an annual report of all receipts
and expenditures pertaining to said Greater Springfield Regional Wastewater
Facilities with each of the member municipalities, in accordance with
Chapter 520 of the Acts of 1975 of the General Court of the Commonwealth.
The Director shall submit an annual budget request in detail
to the Mayor, which shall be reviewed by the Mayor and Council in
the same statutory manner as are other annual budget requests. The
Director shall report to the Mayor and Council, in addition to the
annual report, at intervals of not less than three years, relative
to any surpluses available, projected expenditures, and when adjustment
of charges and fees are, in his opinion, required to meet projected
expenditures.