Sec. 754.111. - Stormwater project funding from cash or pay as you go projects only.

Prior to October 1, 2015, a number of stormwater projects were funded with funds borrowed from the Banking Fund and debt service for such Banking Fund obligation is currently, and until paid off, will continue to be paid from the revenue of the utility. As of September 30, 2015 no debt service will be paid from utility revenue for any debt incurred prior to the creation of the stormwater utility. Further, no additional debt service shall be paid for or pledged from revenues generated in the Stormwater Utility Sub Fund. Any waiver of this Section shall require a super majority vote of full Council. (Ord. 2014-634-E, § 1; Ord. 2015-426-E , § 3)