[Ord. No. 3081, 12-16-2013]
A. To meet debt service requirements for the wastewater treatment upgrade,
the wastewater rates for all City of Malden wastewater customers,
both residential and commercial, are adjusted as follows:
1.
Upon the adoption of this Article, a debt service fee in an
amount not to exceed one dollar and twenty-five cents ($1.25) for
each one thousand (1,000) gallons of water used in a monthly billing
cycle shall be added to all wastewater rates for all customers.
B. Beginning January 1, 2014, and each January 1 thereafter, the BPW
shall determine the approximate minimum amount needed, based on prior
years' water usage, to meet the debt service requirements and shall
adjust the wastewater rates accordingly. The Debt Service Fee shall
be deposited and credited to the Waste Water Debt Service Fund.
C. The Debt Service Fee shall remain in force until the wastewater upgrade
debt has been completely retired.
[Ord. No. 3081, 12-16-2013]
A. The Board of Public Works shall establish the Wastewater Debt Service
Fund. Funds credited to this fund shall only be used for retiring
the debt on the wastewater treatment facility upgrade.
B. Upon complete retirement of the wastewater upgrade debt, any excess
fees collected shall be returned to the wastewater customers of record
at that time in the same manner as they were collected.
[Ord. No. 3081, 12-16-2013]
All net income derived from any land usage of the wastewater
treatment facilities shall be deposited and credited to the Wastewater
Debt Service Fund.