(A) There is hereby created a Water Depreciation Fund for the Waterworks Utility.
(B) The town shall transfer the sum of $100 per month from the Water Operating Fund of the Waterworks Utility to the Water Depreciation Fund which is hereby created by the adoption of this section.
(C) The sums of money so transferred from the Water Operating Fund to the Water Depreciation Fund of the said Waterworks Utility shall be used for equipment replacement and major maintenance work in connection with the said Waterworks Utility.
(Ord. 06-2011-01, passed 6-14-2011)