(a) There is hereby established and created a fund for improvements to the Water Distribution System owned by the City and one percent (1%) of the gross revenues of the Water Department shall be set aside and maintained in such fund for such purpose.
(b) The Auditor and Treasurer shall maintain a record for moneys on hand in the fund described in subsection (a) hereof and the balance of such fund shall be reflected on the reports of the Auditor and Treasurer.
(c) No moneys shall be expended from the fund established in subsection (a) hereof without legislation duly enacted by Council.
(Ord. 87-26. Passed 3-30-87.)