There is hereby created a Wastewater Depreciation Fund. Funds to be placed in this Fund shall be excess revenues from the operation from the city wastewater utility. Out of such excess revenues there shall be deposited in the Fund, on or before the first day of each calendar month, not less than the sum of $1,000 until such time as the Fund shall contain the sum of $150,000. This amount may be modified or changed by resolution of the City Council upon recommendation of the Board. After accumulation of the amount in the Fund, no further deposits need be made therein except to the extent necessary to maintain the minimum balance of the Fund of $150,000. The purpose of this Fund is for the extraordinary expenses of replacement of equipment of the wastewater utility. Money deposited in the Fund may be used to maintain the general welfare of the city wastewater utility. In the event expenditures are made from this Fund, further deposits, if any, shall be made at the rate of not less than $1,000 per month from such excess revenue until the minimum balance shall have again been attained.
(Ord. 1639, passed 12-19-16)