[Adopted as Secs. 11-10 through 11-15 of
the 1963 Code]
There is hereby created a Revolving Sewer Fund,
for the purpose of paying the principal and interest on any unmatured
bonds of the Town known as "sewer bonds" or for the construction,
alteration, extension, enlargement or repair of the sanitary sewerage
system of the Town.
As of April 1, 1952, there shall be deposited
into the Revolving Sewer Fund all the money which shall be collected
by the Town as the result of any sewer assessments for the construction,
alteration, extension, enlargement or repair of the sanitary sewerage
system of the Town. All money received up until April 1, 1952, which
shall be in excess of $100,000, the estimated general fund receipts,
shall be placed in such fund.
[Amended 10-11-1977]
The Revolving Sewer Fund shall pay principal
and interest on all bonds which are issued to finance the construction,
alteration, extension, enlargement or repair of the sanitary sewerage
system of the Town, except that all deposits to the fund representing
collection of benefits assessed or levied on buildings or structures
constructed or expanded after the initial assessment shall be used
to defer costs of maintenance of the system.
The Revolving Sewer Fund shall be kept separate and distinct from all other funds of money of the Town, and no money shall be withdrawn from such fund unless withdrawn therefrom in accordance with § 14-19 or by an appropriation of the Town Council.
A maximum of $10,000 per year may be withdrawn
from the Revolving Sewer Fund to reimburse the Engineering Department
for payroll expense. Any such reimbursement can only. be made when
the Engineering Department does the engineering work on a sanitary
sewer contract. The reimbursement shall be in lieu of the consulting
engineer's fee of 8 1/2% and shall not exceed such rate. Such
withdrawals shall be authorized by the Sewer and Roads Committee of
the Town Council.
The Director of Finance shall make an annual
report to the Town Council of the funds collected and deposited in
the Revolving Sewer Fund and any amounts which are expended pursuant
to this article.
