The city shall maintain a separate enterprise fund for the water treatment and distribution
services division. The water treatment and distribution services enterprise fund shall
be used to record all moneys paid and payable to the city as and for water rates or
rents, and all other miscellaneous moneys payable or paid to, or received by, the
city finance officer from any source whatsoever to the credit of the water treatment
and distribution services enterprise fund. The water treatment and distribution services
enterprise fund shall also be used to record all moneys appropriated by the city council
for water treatment and distribution services division purposes. All special assessments
levied upon abutting property for the laying of water mains, shall when and as fast
as collected be credited to the water treatment and distribution services enterprise
fund. The city shall proceed to lay mains in advance of the collection of special
assessments thereof, whenever there shall be sufficient moneys in the water treatment
and distribution services enterprise fund in excess of other necessary or estimated
demands thereon to enable advances to be made from the fund. No contract negotiated
by the city council shall be binding upon the city until the same shall be countersigned
by the finance officer; subject to the same rules respecting the possession of funds
to meet such contracts as in case of other contracts entered into in behalf of the
city; but the city shall have the right to make such contract for anything pertaining
to water treatment and distribution services of the city in anticipation of the sale
of any bonds which the city shall have been authorized to sell, the proceeds of which
are required to be set apart to the credit of the water treatment and distribution
services enterprise fund of the city. (Code 1960, As Amend., § 607.010; Pet. No. 251069, § 15, 12-15-89; 2012-Or-076, § 19, 11-16-12; 2014-Or-108, § 8, 12-5-14, eff. 1-1-15)
