A. There is created a fund which shall be known as the “storm drainage utility fund.” All revenues, assessments, and other charges collected by the utility, or otherwise received for drainage purposes or attributable to the operation and maintenance of the utility, and all loans to or grants or funds received for its construction, improvement and operation, shall be deposited in the storm drainage utility fund. All disbursements for costs of data collection, planning, designing, constructing, acquiring, maintaining, operating and improving the drainage utility facilities, whether such facilities are natural, constructed or both, and administering the utility shall be made from the storm drainage utility fund.

B. The city may create, at such time or times as it deems appropriate, any other funds necessary to the administration of the storm drainage utility and may designate the revenues to be placed therein and the purpose or purposes of such funds which may be the same as one, some or all of the purposes designated in this section as the purposes of the storm drainage utility fund created in this chapter, and such purposes shall then be transferred to such newly created fund. (Ord. 448 § 4, 1984).