Whenever used in this article, except when otherwise indicated
by the context, the following terms shall have the following meanings:
REVENUES
The revenues of the system derived from rates and charges,
including the earnings derived from the investment of moneys in the
various accounts established by this article.
SYSTEM
The Township's sanitary sewage treatment and collection facilities
as provided for in a sanitary sewage disposal system agreement, as
amended, by and among the Township, the City of New Buffalo, the Township
of Chikaming and the County of Berrien.
Commencing on May 16, 1995, all funds belonging to the system
shall be transferred as herein indicated and all revenues of the system
shall be set aside as collected and credited to a fund to be designated
"Sewage Disposal System Receiving Fund" (the "Receiving Fund"). In
addition, on July 1, 1995, all revenues in any accounts of the system
shall be transferred to the Receiving Fund and credited to the funds
and accounts as provided in this section. The revenues credited to
the Receiving Fund periodically in the manner and at the times and
in the order of priority hereinafter specified:
A. Operation and Maintenance Fund. Out of revenues credited to the Receiving
Fund there shall be first set aside in, or credited to, a fund designated
"Operation and Maintenance Fund" (the "Operation and Maintenance Fund")
monthly, a sum sufficient to provide for the payment of the next month's
expenses of administration and operation of the system and such current
expenses for the maintenance thereof as may be necessary to preserve
the same in good repair and working order.
B. County Sewer Bonds Payment Fund. Out of the remaining revenues and
moneys of the system in the Receiving Fund after provision has been
made for deposit of moneys in the Operation and Maintenance Fund,
there may be deposited in an account designated "County Sewer Bonds
Payment Fund" ("Sewer Bonds Payment Fund") such sums as the Township
Board may deem advisable to be used to pay the Township's portion
of debt service on sewer bonds issued by the County of Berrien.
C. General Purpose Fund. There shall next be established and maintained
a separate depositary account, designated "General Purpose Fund" (the
"General Purpose Fund"), the money credited thereto to be used for
the purpose of making repairs, replacements, additions, improvements,
enlargements or extensions to the system, including the planning thereof.
Out of the revenues and moneys of the system remaining in the Receiving
Fund each month after provision has been made for the deposit of moneys
in the Operation and Maintenance Fund and the Sewer Bonds Payment
Fund, there may be deposited in the General Purpose Fund such additional
funds as the Township Board may deem advisable. If at any time it
shall be necessary to use moneys in the General Purpose Fund was established,
the moneys so used shall be replaced from any moneys in the Receiving
Fund, which are not required by this article to be used for the Operation
and Maintenance Fund or the Sewer Bonds Payment Fund.
D. Surplus moneys. Thereafter, any revenues in the Receiving Fund after
satisfying all the foregoing requirements of this section may, at
the discretion of the Township, be used for any other purpose permitted
by law.
In the event the moneys in the Receiving Fund are insufficient
to provide for the current requirements of the Operation and Maintenance
Fund or the Sewer Bonds Payment Fund, any moneys or securities in
other funds of the system shall be credited or transferred first to
the Operation and Maintenance Fund and second to the Sewer Bonds Payment
Fund.
Moneys in the several funds and the accounts established pursuant
to this article may be kept in one or more bank accounts at a bank
or banks designated by resolution of the Township, and, if kept in
one bank account, the moneys shall be allocated on the books and records
of the Township in the manner and at the times provided in this article.