§ 28-27. Stormwater management fund.

(a)

All stormwater drainage utility fees collected by the city shall be paid into an enterprise fund which is hereby created, to be known as the "stormwater management fund." Such fund shall be used for the purpose of paying the cost of stormwater drainage facilities to be constructed in the various storm drainage basins and paying the costs of operation, administration and maintenance of the stormwater drainage facilities to the City of Cocoa Beach. To the extent that the stormwater management 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 commission, but the city commission 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.

(b)

The fees and charges paid 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 to pay for the cost of operation, repair, maintenance, improvement, renewal, replacement, design, right-of-way acquisition, and construction of public stormwater drainage facilities and costs incidental thereto, and/or to make any debt service, reserve or other payments required by any resolution or ordinance authorizing the issuance of bonds or other obligations for such purposes.

(Ord. No. 1355, § 2, 4-17-2003)